The dust has settled; the hype has subsided, but average gas prices continue to rise following record-breaking July 4th travel. As of today, prices on the statewide and national levels are neck-and-neck at $3.13, says AAA Northeast.
Because crude oil hit $76 a barrel – a seven-year high – prices on both the state and national levels are nearly $1 higher than this time last year and increasing. In Connecticut, today’s gas price average is also a penny higher than last week, and 97 cents higher than last year and while nationally, prices are 2 cents higher than last week and 95 cents higher than last year.
“Robust gasoline demand over the July 4th holiday certainly was a contributing factor to higher pump prices,” said Fran Mayko, AAA Northeast spokeswoman. “And that demand along with more expensive crude continues to push pump prices higher.”
As a result, drivers can expect gas prices to rise at least a dime through the end of August, she added. “That’ll bring the national price average well over $3.25 this summer,” she said.
The last time crude broke the $76 mark and the national average gas price hit $3.25 was in the fall of 2014. But higher crude isn’t the only factor expected to affect gas prices: weather and OPEC are also in play.
Analysts are watching the path of Tropical Storm Elsa that’s expected to bring a storm surge and flooding to parts of the South; and a delayed decision by OPEC to increase crude production has prompted crude prices to climb.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.20 Lower Fairfield County $3.18
New Haven/Meriden $3.12 Greater Hartford $3.11
New London/Norwich $3.17 Windham/Middlesex $3.13
Statewide Average: $3.13
Today, Mississippi and Louisiana register the lowest prices in the nation at $2.75 and $2.77, respectively. California and Hawaii continue to hold the highest prices in the nation at $4.31 and $4.03, respectively. Connecticut continues to hold the 17th spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.