After peaking above $123/barrel, the price of crude oil has gradually fallen below $110, and briefly dipped below $100 earlier today, helping to slow the drastic gas price increases seen over the last few weeks, says AAA Northeast. After another jump last week, prices at the pump held largely steady over the weekend.
Today, the national average price of $4.33 for a gallon of self-serve regular is 26 cents higher than last week, 84 cents higher than last month, and $1.47 higher than last year.
In Connecticut, the state’s $4.47 average is 19 cents higher than last week, 85 cents higher than last month, and $1.59 higher than last year.
Three things to watch for in the oil market this week:
- The world – and the market – is watching peace talks between Russia and Ukraine, with hopes for an end to the conflict, which would reduce volatility in the oil market
- The Federal Reserve is meeting this week, and could move ahead with an interest rate hike – which would lead to a stronger dollar and could put downward pressure on oil prices, which are traded in USD
- The lockdown of Shenzhen, a major Chinese port city, could signal a decrease in demand in China
“The war in Ukraine has roiled an already tight global oil market,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “It’s too soon to tell if we’ve seen a peak for crude prices, or whether they’ll keep grinding upwards – which will impact the price at the pump.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $4.52 Lower Fairfield County $4.52
New Haven/Meriden $4.43 Greater Hartford $4.46
New London/Norwich $4.44 Windham/Middlesex $4.47
Statewide Average: $4.47
Today, Kansas registers the lowest prices in the nation at $3.82, followed by Missouri at $3.84. California and Hawaii continue to hold the highest prices in the nation at $5.74 and $4.96, respectively. Connecticut ranked 10th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.