As the cost of a barrel of oil has remained near $110, the gas price decline has slowed, with the national average down by a fraction of a penny over the last week and Connecticut down three cents.
Today, the national average price of $4.25 for a gallon of self-serve regular is only fractions of a penny lower than last week but still 64 cents higher than last month and $1.39 higher than last year.
In Connecticut, the state’s $4.31 average is 3 cents lower than last week, but still 59 cents higher than last month and $1.42 higher than last year.
Three things to watch for in the oil market this week:
- COVID-related lockdowns in Shanghai raise concerns of lowered demand in China, the world’s top importer of crude oil.
- The Energy Information Administration reports that gasoline demand across the USA decreased from 8.94 million barrels/day to 8.63 – the second straight week of lower demand, in contrast to the typical rise in demand during the early spring. Lower-than-expected demand exerts downward pressure on gas prices.
- OPEC+ meets on Thursday, and is not expected to significantly boost production beyond an already-planned increase of 400,000 barrels/day.
“The global oil market reflects the volatility caused by the war in Ukraine grinding onward,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “Although the price of gasoline has moderated over the past three weeks, elevated prices will likely be the norm for the spring.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $4.38 Lower Fairfield County $4.38
New Haven/Meriden $4.29 Greater Hartford $4.28
New London/Norwich $4.32 Windham/Middlesex $4.27
Statewide Average: $4.31
Today, Missouri and Kansas register the lowest prices in the nation at $3.79 and 3.80, respectively. California and Nevada have the highest gas prices in the nation at $5.92 and $5.25, respectively. Connecticut dropped to 14th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.