Connecticut’s average gas price is expected to break the $2 mark some time this week, said AAA Northeast. The last time the state’s prices hit this level was in late January 2016.
Today, Connecticut’s statewide average for gallon of gas is $2.017, 6 cents lower than last week and 79 cents lower than this time last year.
Although the national average broke the $2 mark in late March, today’s national average of $1.86 is 7 cents lower than last week; and a whopping 96 cents lower than last year. The last time the national average was this low also was in late January of 2016.
National gas prices have steadily declined for the last seven weeks as US demand has decreased 44%, which in turn is building gasoline inventories across the nation.
US demand has been hammered by COVID-19 over the last two months. Reduced demand coupled with much lower crude oil prices and an enormous glut of gas on the global market continues to contribute to plummeting prices, said Fran Mayko, AAA Northeast spokeswoman.
“We are seeing fast and furious gasoline demand destruction,” she added. “In fact, the latest stats disclose we haven’t seen demand levels this low since the spring of 1968.”
This continues despite OPEC and its partners agreeing to a dramatic production cut for May and June. “Although the announcement is historic, it’s not likely to have an immediate effect on pump prices, given the ongoing impact of COVID-19,” Mayko said.
Here’s AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $2.19 Lower Fairfield County: $2.19
New Haven/Meriden $1.98 Greater Hartford $1.98
New London/Norwich $1.95 Windham/Middlesex $1.93
Statewide Average: $2.02
Today, Wisconsin and Oklahoma register the lowest average per-gallon prices in the nation at $1.32 and $1.41, respectively. Hawaii and California continue to hold the highest prices in the nation with $3.27 and $2.84, respectively. Connecticut holds the 14th 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.