Gas prices in Connecticut are down 5 cents in a week, but experts say the issues causing soaring gas prices remain so don’t expect any major relief at the pump anytime soon.
The national average price for a gallon of gas fell below $5, bringing slight relief for drivers.
Connecticut's average price fell five cents in the last week, according to AAA Mid-Atlantic, and one cent overnight.
"It is good news for consumers right now," said Tracy Noble, spokesperson for AAA Mid-Atlantic. "We did see a dip in demand over the course of the last week and also the price of crude oil dropped by about $12 a barrel so those two things combined is why we are seeing this decrease at the pump."
But AAA warns that gas prices are volatile. The average price for a gallon of gas in Connecticut is $4.93. This time last year, it was $3.09. They anticipate that prices will stay elevated.
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"Seeing a nickel or so decline at your local gas station, that's a blip," said John Rosen, a professor of economics at the University of New Haven, who explained that nothing fundamental has changed. The issues that have been driving prices higher are still there.
Moving forward, he will be watching the price of crude oil closely.
"If oil itself drops on a per barrel cost, it's about $110 now, if it drops below $100 we will know something fundamental is happening that will eventually lead to lower prices," Rosen said.
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He encouraged people to enjoy the blip while they can.
According to AAA, despite high gas prices, car travel is expected to break a record for the 4th of July weekend.
"When you see a decent deal at the pump, it's probably best to jump on it because we don't know what tomorrow is going to bring," Noble said.
