Higher demand, higher crude and lower supplies continue to push prices upward at the pump, says AAA Northeast.
In the past 27 days, rising national gas prices have added nearly 20 cents to the cost of a gallon of gas; while in Connecticut, prices have climbed 30 cents in the last 18 days.
Today’s Connecticut average for a gallon of self-service regular is $3.51, 9 cents higher than last week and $1.34 higher than last year. Connecticut is also one of 10 states that has seen the largest increase this week.
On the national level, the average price is $3.39, 6 cents more than a week ago and $1.23 more than a year ago.
“As the U.S. economy slowly recovers from the pandemic, demand for gas continues to be robust,” said Fran Mayko, AAA Northeast spokeswoman. “Because supply is tight, we haven’t seen prices this high since September 2014.”
Eclipsing $80 a barrel, the price of crude accounts for more than half of the price at the pump, said Mayko. “Since global oil production is still below pre-pandemic levels and crude prices are high, consumers are paying more out of pocket.” Mayko added. “It’s a classic case of supply and demand.”
The Energy Information Administration (EIA) reports domestic inventory totals 218 million barrels, which reflects a 5.4-million-barrel decrease; while US demand is surpassing 9.5 million barrels daily, an increase of over 400,000 barrels per day.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.58 Lower Fairfield County $3.55
New Haven/Meriden $3.48 Greater Hartford $3.49
New London/Norwich $3.53 Windham/Middlesex $3.49
Statewide Average: $3.51
Today, Oklahoma registers the lowest price in the nation at $3.01, followed by Arkansas and Texas, both at $3.03. California and Hawaii continue to hold the highest prices in the nation at $4.55 and $4.25, respectively. Connecticut moved up to the 14th spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.