Rising Crude Drives Down Gas Savings at Pump

Posted on February 1, 2021

As the calendar flips to February, Connecticut average gas prices have increased 3 cents compared to this time last week. Today, Connecticut average prices are at $2.49 compared to $2.46 last week. However, compared to last year, prices are still 13 cents lower.

 

Meanwhile, on the national level, the $2.42 average is 2 cents higher than next week and but 6 cents lower than last year.

 

It’s possible, however, that by the end of this week, the national average price could eclipse last year’s average because of rising crude prices that have driven up prices at the pump.

 

“For nearly a year, drivers have saved about 53 cents a gallon, on average, when they filled up their tanks,” said Fran Mayko, AAA Northeast spokeswoman. “That extra pocket change is quickly dwindling as crude oil prices rise.”

spokesperson.  Crude oil prices are averaging $52-$53 a barrel, prices not seen since February 2020.

 

Despite drops in demand, prices at the pump continue to rise. In fact, there are about 10 states — Connecticut is not one of them — where motorists are seeing more expensive gas prices compared to a year ago, said Mayko.

 

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

Greater Bridgeport                $2.54     Lower Fairfield County     $2.52

New Haven/Meriden           $2.47    Greater Hartford               $2.46

New London/Norwich         $2.51     Windham/Middlesex       $2.49

                            Statewide Average:  $2.49

 

Today, Mississippi registers the lowest prices in the nation at $2.10, followed by Missouri and Texas, both at $2.13. California and Hawaii continue to hold the highest prices in the nation at $3.42 and $3.33. respectively. Connecticut moved up 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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