With Valentine’s Day at the end of this week, Connecticut drivers are in love with the fact that statewide gas prices continue to drop.
Today, the statewide average for a gallon of self-serve regular is $2.57 is down 4 cents from last week; and 13 cents from last month, says AAA Northeast.
There’s a similar scenario occurring on the national scene: the national average of $2.43 also has dropped 4 cents over the last week. Today’s price is 17 cents lower than last month.
Statewide and national prices, however, remain higher by 11 cents and 15 cents, respectively, compared to last year. “But the price gas has been shrinking steadily,” said Fran Mayko, AAA Northeast spokeswoman. “We’re seeing the smallest year-over-year differences in two months.
There are several reasons for declining prices:
- Crude oil prices are at their cheapest point in a year;
- Inventory levels continue to hold steady;
- Lower demand continues to push prices down; and
- Global concerns about the coronavirus continue to impact global travel.
Industry experts predict a decline in international travel would affect global crude demand, which could result in lower consumption worldwide, said Mayko. “Prices could decrease more this week if concerns about the virus continue to weigh on the crude oil market,” she said.
AAA’s weekly survey price survey of Connecticut’s six regions are:
Greater Bridgeport $2.66 Lower Fairfield County: $2.62
New Haven/Meriden $2.55 Greater Hartford $2.52
New London/Norwich $2.56 Windham/Middlesex $2.60
Statewide Average: $2.57
Today, Hawaii and California register the highest average per-gallon prices in the nation at $3.61 and $3.51, respectively. Missouri and Texas are the states with the lowest prices both at $2.07 and 2.08, respectively. Connecticut holds steady at 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.