Winter weather and world events are pushing crude oil prices over the $90-a-barrel mark, which in turn is reflected in higher prices at the pump, says AAA Northeast.
Today, the national average price of $3.44 for a gallon of self-serve, regular is about 7 cents higher than last week, 14 cents higher than last month, and 98 cents higher than last year.
In Connecticut, the state’s $3.57 average is 6 cents higher than last week, 7 cents higher than last month, and $1.03 higher than last year.
On the global market, crude is selling for $92 a barrel, $30 more than last August, said Fran Mayko, AAA Northeast spokeswoman.
Several factors are contributing to higher crude prices:
- The recent cold weather has increased consumer demand for heating oil.
- Several Texas refineries were offline because of power loss; and
- Tensions at the Ukraine border continue to bubble between Russia and the West.
“There’s great concern Russia will withhold crude oil from an already tight global market as a reaction to potential western sanctions,” said Mayko. “Withholding crude will force prices to increase on the worldwide market.”
“This shows how events on the other side of the world can impact us here in the US,” she added. “And unfortunately, we as drivers see this with higher prices at the pump.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.63 Lower Fairfield County $3.62
New Haven/Meriden $3.55 Greater Hartford $3.55
New London/Norwich $3.58 Windham/Middlesex $3.58
Statewide Average: $3.57
Today, Mississippi registers the lowest prices in the nation at 3.09, followed by Arkansas at $3.10. California and Hawaii continue to hold the highest prices in the nation at $4.68 and $4.41, respectively. Connecticut moved up one spot, to 12th place on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.