Declining crude oil prices continue to drive average gas prices lower this week, says AAA Northeast.
In Connecticut today, the statewide average of $2.29 is 13 cents cheaper compared to last week and 39 cents cheaper compared to last year.
A similar scenario is playing out on the national level: today’s national average price of $2.13 is also down 13 cents compared to last week and 49 cents lower compared to last year.
In the last week, crude oil prices dropped to $22 a barrel, a low not seen since 2002, said Fran Mayko, AAA Northeast spokeswoman. “Crude accounts for nearly 60% of the retail pump price so when crude is cheap, gas prices follow suit.”
Generally, gas prices tend to rise at the start of spring. “But, that’s not the case this year,” Mayko added. “With Americans staying home and practicing social distancing to slow the spread of Covid-19, we’re seeing less traffic, which ultimately is driving down demand, increasing inventories and pushing pump prices down.”
The ongoing crude price war between Russia and Saudi Arabia is also contributing to the drop in prices and until the two countries end their standoff, domestic crude is likely to remain low, Mayko said.
Here's AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $2.40 Lower Fairfield County: $2.40
New Haven/Meriden $2.28 Greater Hartford $2.26
New London/Norwich $2.27 Windham/Middlesex $2.21
Statewide Average: $2.29
Today, Oklahoma and Ohio register the lowest average per-gallon prices in the nation at $1.74 and $1.81, respectively. Hawaii and California continue to hold the highest prices in the nation with $3.48 and $3.21, respectively. Connecticut moved to the 15th spot on the list of states with the highest prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.