Nat’l Gas Average: Pennies Away from $1.99 Can Connecticut Be Far Behind?

Posted on March 30, 2020

The last time Connecticut drivers saw today’s statewide gas price average of $2.16 and a nationwide average of $2.01 was in the spring of 2016, says AAA Northeast.

 

Today’s Connecticut average price for a gallon of self-serve, regular is now 13 cents lower than this time last week; 39 cents lower than this time last month; and 56 cents lower than this time last year. Average prices hit $2.16 on April 28, 2016.

 

A similar scenario is playing out on the national level with today’s $2.01 national average dropping 12 cents compared to last week, 44 cents less compared to last month; and a whopping 68 cents lower than this time last year. The national average hovered around $2.01 in on March 24, 2016.

 

“We’re expecting the national average to drop below $2 for the first time in four years, most likely this week,” says Fran Mayko, AAA Northeast spokeswoman. “And as demand for gas diminishes because Americans are staying home, we don’t expect the decline to stop there.”

 

“For Connecticut drivers, the question is: ‘Are statewide prices that far behind?’”, added Mayko. This week, Connecticut has moved to the 16th spot on the list of states with the highest gas prices in the nation. Generally, Connecticut remains in the nation’s top 12 but in recent weeks has slowly moved down the list.

 

Several factors continue to contribute to plummeting pump prices:

  • Lower demand coupled with declining crude oil prices – now under $20 a barrel – add to the price drop.
  • A glut of winter-blend gasoline on the market has delayed refinery switchovers to the more expensive summer blends.
  • Covid-19 continues to create enormous health, financial and economic impact on markets; and
  • Russia and Saudi Arabia continue their price war spat about production cuts.

 

Here’s AAA’s weekly price survey of Connecticut’s six metro regions:

 

Greater Bridgeport                    $2.29              Lower Fairfield County:                        $2.29

New Haven/Meriden                $2.14               Greater Hartford                                   $2.13

New London/Norwich              $2.11               Windham/Middlesex                            $2.07

Statewide Average:  $2.16

 

Today, Oklahoma and Wisconsin register the lowest average per-gallon prices in the nation at $1.59 and $1.61, respectively. Hawaii and California continue to hold the highest prices in the nation with $3.37 and $3.06, respectively. Average gas prices may be obtained daily through www.gasprices.aaa.com.

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