Economy

CT gas prices highest since 2014

CT gas prices highest since 2014

Gas prices have gone up 17 cents since last month, according to GasBuddy's daily survey of 5,345 gas outlets in Ohio.

AAA estimates 41.5 million Americans will travel nationwide over the upcoming holiday weekend, a growth of almost five percent compared to past year.

Including the change in gas prices in Tennessee during the past week, prices yesterday were 53.4 cents per gallon higher than the same day one year ago and are 9.0 cents per gallon higher than a month ago.

The auto club said the number of people expected to travel for the holiday will be the highest since 2005 and are 5 percent higher than the number of Memorial Day travelers form previous year.

Gas prices have been consistently high for three weeks straight, with a national price average of $2.87.

"Higher gas prices will not be enough to keep travelers home this Memorial Day weekend", Vicky Evans, assistant vice president of AAA travel sales development, said in a press release.

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The most costly gasoline in the U.S.is in California, where a gallon of regular is $3.69 on average, AAA said. That's almost 40 cents more than this time a year ago. "Eventually, by seven days, gas prices will be somewhere between the $2.80 to $2.90s".

While it didn't seem like we had much of a spring in the D.C. area, summer's unofficial start - Memorial Day - looks like it's going to see some serious rubber-meets-road action.

Air travel will register the highest growth of all travel modes, with an expected 6.8 percent increase to 3.13 million, AAA said.

According to Hertz, a 40-year AAA partner, the busiest airport pick-up locations for travelers renting a vehicle this Memorial Day are expected to be Orlando, Las Vegas, Atlanta, Los Angeles; and Kahului, Hawaii. The national average for gasoline was $3.66 in 2014 and is now $2.87.

Monday's national average for a gallon of gas is $2.87. Airfare is down seven percent from last Memorial Day at an average of $168 roundtrip, auto rental averages are down 11 percent to $59 per day and three-diamond hotels dropped 14 percent to an average rate of $186 nightly.

Reinstated sanctions on Iran could mean gas prices will continue climbing into the summer driving season.


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