CT, National Gas Prices Hit Road Bumps

Connecticut continues to face some road bumps in terms of gas prices. In Connecticut today (July 31), the state’s average gas price increased two cents to $2.46, compared to this time last week. Compared to this time last year, prices are 15 cents higher, says AAA Northeast.

A similar scenario is occurring on the national level. Nationally, the average price of a gallon of gas increased four cents to $2.32 compared to this time last week. Today’s national average price is 18 cents higher compared to last year. In fact, today’s national average is the highest price since June 15 and has increased for 12 of the last 15 days.

There are several factors contributing to rising prices. First, crude oil prices – the driving force of prices at the pump is on the rise. Second, as demand increases, motorists worldwide are draining global inventories that in the last few months allowed us to enjoy lower-than-average gas prices. And finally, on the global front, OPEC is having difficulty persuading member and non-member countries to cut production, an action that’s undermining the cartel’s plans to rebalance the global market in its favor. This all comes while the US continues to add oil rigs to increase production. If crude prices continue to rise, drivers are likely to see higher prices at the pump in August.

AAA’s weekly survey of prices in Connecticut’s four regional areas as follows:

Greater Bridgeport/Stamford: $2.54

Greater Hartford: $2.44

New Haven/Meriden: $2.42

New London/Norwich: $2.50

Statewide Average: $2.46

Today, South Carolina continues to register the lowest average in the nation at $2.02, followed by Alabama at $2.03.  Hawaii at $3.05 and California at $2.94 are the two states with the highest average prices in the nation. This week, Connecticut holds steady at 11th place on the list of states with the most expensive gas averages in the nation.

 

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Submitted by Stamford, CT

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