ANSWER DESK: Conn. gas prices still spike despite tax cut
HARTFORD, Conn. (WFSB) - Experts say gas prices are not dropping anytime soon.
The wholesale price of gas jumped $1.06 in the past week.
Connecticut residents are changing their lifestyle to accommodate these higher gas prices. People are driving less and cutting back.
“The prices across the board are ridiculous, but I’m on a fixed income,” says Griswold resident Cecelia Norwid.
The Save N go Convenience Store in Griswold is listed as having the lowest gasoline prices in Connecticut.
“When you see it’s at $6 and $7 in California and Hawaii already, that means they’ll be at $10 soon,” says Michael J Fox, a member of the Connecticut Gasoline Retailers Association.
Fox says on Monday, the wholesale price of gas jumped $.08. In the past 30 days, Connecticut residents are paying $1.13 more per gallon.
Experts say, there is no end in sight to the spikes in gas prices. They say factors like production rigs coming online, inventory levels, production, and increasing demand all play into the spike in prices.
“When you look at all of those things combined, prices will only continue to spike,” says Fox.
Connecticut consumers are also seeing the increase in gas prices impact the price of goods. An item that might’ve cost $4.49 before, is now costing $5.49. The cost of transporting that item gets passed onto the consumer.
The prices at the gas pump also reflect the elimination of Connecticut’s gasoline tax.
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