Decreasing inventories; plunging crude prices and volatile global markets are driving down national and statewide averages prices at the pump, says AAA Northeast.
In Connecticut today, the statewide average of $2.50 is 4 cents cheaper than last week, and a nickel less than last year. On the national scene, average prices at $2.38 are down 6 cents compared to last week and 9 cents compared to last year.
Crude oil prices dived to under $30 a barrel today – the first time since 2016 – because OPEC and non-OPEC countries couldn’t agree to cut production. Meanwhile, global markets are volatile because of growing concerns about the spreading coronavirus, said Fran Mayko, AAA Northeast spokeswoman.
“The trend toward lower pump prices will likely continue through the end of the winter drive season if crude prices remain cheap, especially amid virus concerns,” she added.
“Generally, growing demand and declining inventories cause price increases at the pump, but crude has dipped to four-year lows, a signal that we may see cheaper prices this spring,” Mayko said.
Here’s AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $2.60 Lower Fairfield County: $2.59
New Haven/Meriden $2.48 Greater Hartford $2.46
New London/Norwich $2.49 Windham/Middlesex $2.52
Statewide Average: $2.50
Today, Texas and Mississippi register the lowest average per-gallon prices in the nation at $2.07 and $2.08, respectively. Hawaii and California continue to hold the highest prices in the nation with $3.55 and $3.45, respectively. Connecticut holds steady at the 14th 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.