Lower Crude; Higher Inventories Push Up State, National Gas Prices

Posted on February 3, 2020

Declining gas prices, including those in Connecticut, are spreading throughout the country like a virus.

 

Today, the statewide average for a gallon of self-serve regular is $2.61, down 4 cents from last week’s $2.65; while nationally, the average dropped to $2.47, down a nickel from last week’s $2.52, says AAA Northeast. Compared to last year, however, prices are still higher: in Connecticut, prices are 13 cents higher; nationally, they’re 21 cents higher.

 

Gas prices are dropping for several reasons, said Fran Mayko, AAA Northeast spokeswoman.

  • First, crude oil prices at $52 a barrel, are $10 less than a month ago;
  • Second, global gasoline inventories are at an all-time high; and finally,
  • The coronavirus is having an impact on global travel, especially within China, a country that registers at least one-half of world demand. The country currently is under a travel lockdown.

 

“Cheaper crude and healthy inventories mean motorists can expect prices to continue to drop this month,” said Mayko. “And as global travel declines within China, global demand follows as the coronavirus continues to spread.”

 

AAA’s weekly survey price survey of Connecticut’s six regions are:

 

Greater Bridgeport                  $2.68              Lower Fairfield County:         $2.65

New Haven/Meriden               $2.65               Greater Hartford                     $2.57

New London/Norwich            $2.60               Windham/Middlesex              $2.64

                                                            Statewide Average:  $2.61

 

Today, Hawaii and California continue to register the highest average per-gallon prices in the nation at $3.64 and $3.52, respectively.  Missouri and Texas are the states with the lowest prices both at $2.11 and 2.14, respectively. Connecticut moved down to the 12th spot on the list of states with the highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.

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