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Feds Declare: Brace For High Gas Prices for Rest of 2023

The U.S. Energy Information Administration (EIA) released a statement on Tuesday (Sept. 12) that global inventory reductions are poised to increase oil prices until the year’s end, resulting in higher prices at the gas pump for consumers.  

According to its most recent short-term outlook, EIA predicts the average price of crude oil will reach $93 per barrel during the final quarter of 2023. This represents a nearly 6 percent rise from $86 per barrel as seen in August. 

EIA also expects the average U.S. regular-grade gasoline price to be $3.69 per gallon for the fourth quarter of 2023. This figure marks a $0.12 increase from their August estimate of $3.57 per gallon. The revision can be attributed predominantly to the increase in the price of crude oil, which is the primary component of gasoline prices. 

According to data gathered by the crowdsourced website GasBuddy, the average cost per gallon of gasoline in Connecticut as of Sept. 14 is $3.778. This figure reflects a decrease of $0.023 in comparison to the highest price recorded this year, which was $3.801 per gallon on August 15. 

Source: GasBuddy 

When gas prices soared to a staggering $4.472 per gallon on March 10, 2022 —  months before the 2022 gubernatorial election — the General Assembly approved a temporary reprieve from the burdensome $0.25 per gallon gas tax. Initially intended to last from April 1 through June 30, 2022, it was extended until Dec. 31, 2022, as gas prices threatened to surpass the $5.00 per gallon mark. 

However, starting Jan. 1, 2023, the tax was phased back in at a rate of $0.05 each month. Republicans in the House and Senate tried to extend the tax cut through the fiscal year (June 30, 2023) but were rejected in a bipartisan vote. This “gas tax holiday,” as it had become known, ended Dec. 31, 2022 — therefore contributing to the rise of prices at the pump.  

As we head into the final stretch of 2023, the question of how high gas prices will go in the state remains uncertain. Drivers and families will be left watching the pump and having to adapt their budgets accordingly, hoping for more stability in the months ahead. 

Meghan Portfolio

Meghan worked in the private sector for two decades in various roles in management, sales, and project management. She was an intern on a presidential campaign and field organizer in a governor’s race. Meghan, a Connecticut native, joined Yankee Institute in 2019 as the Development Manager. After two years with Yankee, she has moved into the policy space as Yankee’s Manager of Research and Analysis. When she isn’t keeping up with local and current news, she enjoys running–having completed seven marathons–and reading her way through Modern Library’s 100 Best Novels.

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