Nat’l Gas Average Eclipses Last Year; CT Price Not Far Behind

Posted on February 8, 2021

Driven by rising crude oil costs, the national average price of gas has finally eclipsed last year’s average; while Connecticut’s average price isn’t far behind, said AAA Northeast.

 

On the national level today, the $2.47 average price for a gallon of self-serve, regular is a nickel higher than last week and 3 cents higher than last year.

 

“For the first time in 340 days, the national average is more expensive than a year ago, as of Feb. 6,” said Fran Mayko, AAA Northeast spokeswoman.

 

In Connecticut, the state’s average price of $2.54 is also a nickel higher than last week, but compared to last year, prices are 3 cents lower.

 

“This month, consumers can expect to continue to pay more to fill their tanks,” Mayko said. “Depending upon how high crude prices go, there’s also a potential to pay up to 10 cents more a gallon.”

 

Crude oil prices are around the $56-a-barrel mark, a price not seen since January 2020. It usually takes several weeks before pump prices reflect the impact of more expensive crude.

 

“With crude accounting for more than 50% of the retail price of gas, increases will no doubt continue,” Mayko said.

 

In addition, there’s two other factors contributing to higher pump prices:

  • First, optimism continues to grow as the government rolls out the Covid vaccination program. This optimism expects to contribute to greater demand with more drivers on the road.
  • Second, OPEC and its partners agreed to maintain existing production cuts because the cartel expects gas demand in 2021 will still be lower as the pandemic continues.

 

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

Greater Bridgeport                $2.59     Lower Fairfield County     $2.56

New Haven/Meriden           $2.53     Greater Hartford               $2.52

New London/Norwich         $2.56     Windham/Middlesex       $2.54

                            Statewide Average:  $2.54

 

Today, Mississippi and Texas register the lowest prices in the nation at $2.14 and $2.16, respectively. California and Hawaii continue to hold the highest prices in the nation at $3.45 and $3.33. respectively. Connecticut holds 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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