Drivers are seeing some relief at the pump this week as the national gas price average dropped a penny and Connecticut prices remained the same, says AAA Northeast.
Today, the national gas price average for a gallon of self-serve regular is $3.18, 1 cent less than last week; while in The Nutmeg State, prices remain at the $3.19 level.
But drivers shouldn’t become too comfortable with these stable prices. Several factors could possibly affect pump prices over the next few weeks, says Fran Mayko, AAA Northeast spokeswoman.
First, nearly half of US offshore oil production in the Gulf are still idle because of slow refinery recovery efforts from Hurricane Ida. Second, Tropical Storm Nicholas in the Gulf and is expected to bring heavy rains to the Texas coast later this week. If this storm takes more refineries offline, drivers are likely to see price increases because of tighter supplies.
“Tight supplies usually lead to higher prices,” said Mayko. “However, lower demand is offsetting any increase at the moment.” To further alleviate tight supplies, the US Department of Energy plans to release an additional 1.5 million barrels of crude from the US Strategic Petroleum Reserve, she said.
“Timing is everything,” Mayko added. “While supplies are tight, this is the time of the year when gas demand starts its seasonal decline and refineries convert to the less-expensive summer blends. Both will help motorists see stability at the pump.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.27 Lower Fairfield County $3.25
New Haven/Meriden $3.17 Greater Hartford $3.16
New London/Norwich $3.21 Windham/Middlesex $3.20
Statewide Average: $3.19
Today, Mississippi and Texas register the lowest prices in the nation at $2.80, and $2.81, respectively. California and Hawaii continue to hold the highest prices in the nation at $4.40 and $4.06, respectively. Connecticut moved up to 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.