Gas prices in Connecticut have jumped more than five cents since Tuesday setting a new record.
The current average in the state for a gallon of regular gas is $4.65. Yesterday’s average was $4.59 per gallon.
A gallon of mid-grade gas jumped five cents since yesterday while premium jumped seven cents, according to AAA. The average cost of a gallon of mid-grade gas in Connecticut is currently $4.93 a gallon and premium costs $5.21.
The increase in Connecticut to $4.65 per gallon is an increase of 28 cents in the last week and is up 75 cents in the last month, according to AAA Spokeswoman Tracy Noble.
“The high cost of oil, the key ingredient in gasoline, is driving these high pump prices for consumers,” Noble said. “Even the annual seasonal demand dip for gasoline during the lull between spring break and Memorial Day, which would normally help lower prices, is having no effect this year.”
She said the price of crude is above $110 a barrel this week.
And the more expensive summer blend of gasoline, which usually adds seven to 10 cents per gallon, is happening now. The switch should be complete by early June.
Today’s national average is $4.56 and is another record-setting high for the country.
Connecticut has a gas tax holiday in place until Dec. 1, which is shaving 25 cents off every gallon of gas.
Connecticut’s previous peak price before this year’s spike, according to AAA, was $4.39 on July 9, 2008, just before the Great Recession.
However, according to Fortune, adjusted for inflation the real cost of a gallon of gas from July 2008 would have to reach $5.37 in today’s prices to approximate the same economic conditions experienced during the 2008 recession.
UPDATE: May 19, 2022
