Experts: Expect gas to continue to soar through summer months

Gas prices have continued to climb despite the state's gas tax holiday and experts say they are expecting prices to hit $6 or $7 a gallon by the summer.

News 12 Staff

May 10, 2022, 9:27 PM

Updated 741 days ago

Share:

Gas prices have continued to climb despite the state's gas tax holiday and experts say they are expecting prices to hit $6 or $7 a gallon by the summer.
"We're not seeing a penny a day, two cents a day. We're seeing five, eight, 10, 12 cents a day. At 10 cents a day, at the end of the week, that's 50 cents," said Mike Fox, executive director of the Gas and Automotive Service Dealers of America.
Fox says U.S. oil production reached an all-time peak in 2019.
"We were using 8 million barrels, but we were producing 11 to 14 million barrels. So, we had excess inventory," he said. "We were producing a lot at that time, but COVID really shook the demand to the low."
Sacred Heart economics professor Khawaja Mamun says U.S. oil production is still 8% below those 2019 numbers.
"Opening up the existing wells, as well as investing in putting new rigs in, it takes time, it takes investment," said Mamun.
He says investment in new drilling operations is in short supply, amid clean-energy signals from the market and the U.S. government.
With no relief in sight, industry experts say the continuing war in Ukraine and the summer driving season could leave drivers with sticker shock for the rest of the year.
"Demand is going through the roof, and production is not able to keep up. It's a simple supply and demand issue," said Fox.
AAA says Tuesday's average gas price in Connecticut was $4.35 a gallon.


More from News 12