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Expert: Gas Prices Could Dip In Connecticut For Summer

Gas Pump (file / credit: David Paul Morris/Getty Images)

Gas Pump (file / credit: David Paul Morris/Getty Images)

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HARTFORD, Conn. (CBSNewYork)Relief is in sight at the gas pump for Connecticut drivers, one expert projects.

As WCBS 880 Connecticut Bureau Chief Fran Schneidau reported, prices at the pump have soared over the past month.

Mike Fox, head of the Gasoline & Automotive Services Dealers of America in Connecticut, said the spike in prices is not due to a lack of crude oil or refined gas supplies.

“We have plenty of inventory of both products and there’s no reason for these prices to go up,” he told Schneidau.

Fears over the situation in Ukraine were mainly responsible for the quick jump in prices at the gas pump, Fox said.

He said speculators looking for even higher profit margins will want to keep gas prices high through July 4.

But Fox said when major oil company’s first quarter earnings come out, the profits could be so big as to be an embarrassment. So he predicts look for lower gas prices into the summer season.

“I think you’re going to see the price really come down fairly quickly,” said Fox.

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