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Pain at the Pump for Holiday Drivers, But Why?

Highest prices in 6 years expected this holiday

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Westport, CT | Added on July 02, 2014 At 09:50 PM

This 4th of July, the number of travelers is expected to go up and so are gas prices.

"I already had half a tank and it cost me 45 dollars," said one driver.

 Some here in Connecticut are already on the road. 

"Boston to New York, having come from North Carolina to D.C., he continued. 

 And he's just one of many. AAA estimating about 35 million people all across the country will travel this holiday week. 

But drivers beware: Gas prices are at a six-year-high for this holiday. The national average for gas right now stands at $3.67 for a gallon of regular, according to Gas Buddy.  That compares to last year's average for the holiday: $3.48 per gallon of regular.

And, not surprisingly, Connecticut is on the high end with an average of $3.96 right now for a gallon of regular. 

"We had no choice, so we were going to travel anyway," said Paul McCleod.

"Your customers are hardened.  This has been going on  for 10..12 years," said owner of West Shell Service in Norwalk. 

 Normally, gas prices drop in the summer months.  So, what's the deal? 

"My name is Larry Ancker.  I've been in the gas service industry since 1969.  It used to be supply and demand issue.  Now there are so many factors involved, whether it's taxes or what's going on in the world.  I've been doing this for 40 years and I can't predict it anymore," he said.

 Many are attributing the spike to conflicts overseas.  But, Larry says that doesn't make sense. 

"It gets a little hysterical.  And you get the hedge fund in it and they start investing and buying futures in the gas.  And that drives the market more than anything else.  But the U-S is now exporting oil so your guess is as good as mine," he said.

But, there could be some relief on the horizon. Rain might ruin a holiday beach day, but it could bring some relief at the pump.  

"They say it's going to impact gasoline sales and they think the prices will drop on the east coast because of that," he said.

And, looking at the age old theory of supply and demand, that could save those willing to risk the drive a little at the pump.


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