The average price of a gallon of gas in Vermont is now above $5 for the first time ever, according to data compiled by AAA. It comes amid one of the sharpest increases in gasoline prices ever seen locally. The cost of a gallon of regular gasoline in Vermont has increased by 62 cents in the past month, more than $2 since the same date last year. Vermont is not alone in its surging prices, however. The average cost per gallon is just 3 cents shy of the $5 mark nationally, according to AAA. New England is slightly higher than average, though it remains outpaced by several states in the Midwest and along the Pacific coast. While the $5 mark is new, Americans paid more for gasoline back in July 2008, when inflation is considered. The high of $4.11 a gallon then would be equal to about $5.40 a gallon today.Analysts expect prices will keep rising until they get so high that demand falls — nobody knows exactly when or where that might be. In the meantime, any unexpected refinery shutdowns — for example, from a hurricane along the Texas and Louisiana Gulf Coast — could send prices spiraling higher.“I’m afraid we’re not at the end of the road yet,” said GasBuddy analyst Patrick De Haan. “We have very little margin for error this summer. We need every barrel of refining capacity we can get.”Commerce officials in the state noted that while gas prices have risen dramatically, bookings ahead of the economically-critical summer tourism season have continued at a steady rate. “I think Vermont is positioned so well because of our access to nature and access to outdoor recreation,” state commerce spokesperson Nate Formalarie told NECN and NBC10 Boston earlier this week. “People can drive here in a day’s time.”Pump prices are surging just as consumers try to cope with inflation in the cost of food, housing, cars, airline tickets and other needs and wants. U.S. consumer prices in April were 8.3% higher than a year ago — only slightly better than March inflation, which was the highest since 1981. Associated Press reporter David Koenig contributed to this report.
The average price of a gallon of gas in Vermont is now above $5 for the first time ever, according to data compiled by AAA.
It comes amid one of the sharpest increases in gasoline prices ever seen locally. The cost of a gallon of regular gasoline in Vermont has increased by 62 cents in the past month, more than $2 since the same date last year.
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Vermont is not alone in its surging prices, however.
The average cost per gallon is just 3 cents shy of the $5 mark nationally, according to AAA. New England is slightly higher than average, though it remains outpaced by several states in the Midwest and along the Pacific coast.
While the $5 mark is new, Americans paid more for gasoline back in July 2008, when inflation is considered. The high of $4.11 a gallon then would be equal to about $5.40 a gallon today.
Analysts expect prices will keep rising until they get so high that demand falls — nobody knows exactly when or where that might be. In the meantime, any unexpected refinery shutdowns — for example, from a hurricane along the Texas and Louisiana Gulf Coast — could send prices spiraling higher.
“I’m afraid we’re not at the end of the road yet,” said GasBuddy analyst Patrick De Haan. “We have very little margin for error this summer. We need every barrel of refining capacity we can get.”
Commerce officials in the state noted that while gas prices have risen dramatically, bookings ahead of the economically-critical summer tourism season have continued at a steady rate.
“I think Vermont is positioned so well because of our access to nature and access to outdoor recreation,” state commerce spokesperson Nate Formalarie told NECN and NBC10 Boston earlier this week. “People can drive here in a day’s time.”
Pump prices are surging just as consumers try to cope with inflation in the cost of food, housing, cars, airline tickets and other needs and wants. U.S. consumer prices in April were 8.3% higher than a year ago — only slightly better than March inflation, which was the highest since 1981.
Associated Press reporter David Koenig contributed to this report.
