As the Omicron variant rears its ugly head worldwide, prices at the pump are dropping, says AAA Northeast.
The variant is creating a jittery global market that fears a possible global economic slowdown in the coming weeks. Those fears that demand will drop also are pushing crude prices into the $60-a-barrel range, a price not seen since August.
“Consumers may be catching a break at the pump this week,” said Fran Mayko, AAA Northeast spokeswoman, “But it’s not for a good reason.”
A Covid-induced worldwide slowdown hurts everyone economically and, in turn, could prompt OPEC+ to slash oil production if prices drop too low, she said.
Today, the national average for a gallon of self-serve regular dipped 3 cents to $3.36. In Connecticut, average prices are following suit with today’s statewide average of $3.54, down 2 cents compared to last week.
Earlier this month, OPEC and its allies, known as OPEC+, reiterated the cartel wouldn’t cut production. However, if OPEC+ finds that Omicron is significantly impacting worldwide demand it will take action.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.62 Lower Fairfield County $3.61
New Haven/Meriden $3.53 Greater Hartford $3.51
New London/Norwich $3.53 Windham/Middlesex $3.55
Statewide Average: $3.54
Today, Oklahoma and Texas register the lowest prices in the nation a $2.92 and $2.95, respectively. California and Hawaii continue to hold the highest prices in the nation at $4.69 and $4.33, respectively. Connecticut moved higher on the list of highest gas prices in the nation to 12th place. Average gas prices may be obtained daily through www.gasprices.aaa.com.