Wednesday, April 17

GasBuddy: Nation will soon set new all-time record high gas prices

HARTFORD, CT (WFSB) – Analysts who monitor fuel prices said the country will soon see them reach record highs.

Sen. Richard Blumenthal on Monday continued his push to suspend the federal gas tax. He also planned to introduce the Gas Prices Relief Act.

He held a news conference at 9:30 a.m. in Danbury:

Sen. Blumenthal introduced the Gas Prices Relief Act on Monday, March 7.

The act would save Americans 18.4 cents per gallon.

Blumenthal also urged steps to pressure American oil companies and OPEC countries to produce more. He said both are making record profits.

“I have urged the federal trade commission to begin a price gouging investigation,” Blumenthal said. “Because I fear that consumers many be victims of illegal over charging and profiteering.”

The senator described what he called a “perfect storm” of international and domestic issues that have led to the pain at the pump.

Average gas prices in Hartford rose 59.1 cents per gallon in the last week, according to GasBuddy.

The tech company, which operates apps and website that monitor fuel prices, said the average price for a gallon of regular in the capital city was $4.28 on Monday.

GasBuddy said it surveyed 418 gas stations in the city.

Prices in Hartford were 73.8 cents per gallon higher than just a month ago.

“There are few words to describe the unprecedented rise in gasoline prices over the last week, with massive spikes coast to coast in both gasoline and diesel prices, as oil prices jump to their highest since 2008. Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50/gal. California could be heading for $5.50 per gallon with more stations charging $6 and beyond,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “We’ve never been in this situation before, with this level of uncertainty. As we lose a major global producer under the weight of deserving bipartisan sanctions for invading a sovereign country, the cost is high. Americans will be feeling the pain of the rise in prices for quite some time, with little good news foreseen.”

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The prices are being driven by Russia’s invasion of Ukraine.

According to GasBuddy price reports, the cheapest station in Hartford was priced at $3.53 per gallon on Sunday, while the most expensive was $4.79 per gallon, a difference of $1.26 per gallon.

GasBuddy recorded prices in other metro areas as well.

In Waterbury, the average was $4.22 per gallon, up 57.8 cents from last week’s $3.64 per gallon.

Connecticut’s statewide average was $4.26 per gallon, up 57.3 cents per gallon from last week’s $3.69 per gallon.

The lowest price in the state on Sunday was $3.53 per gallon while the highest was $4.95 per gallon, a difference of $1.42 per gallon.

Just north of the state, Springfield, MA’s average was $4.10 per gallon, up 54.7 cents per gallon from last week’s $3.55 per gallon.

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