For the first time in a few weeks, Connecticut’s gas prices are back to the $4.00 mark. The state’s $4.00 average is 10 cents higher than last week, 32 cents lower than last month and $1.08 higher than last year.
The national average also rose to an average price of $4.12 for a gallon of self-serve regular. That price is 3 cents higher than last week, 12 cents lower than last month and $1.23 higher than last year.
“As long as the price of oil stays elevated, the price at the pump will struggle to fall,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “Consumers may be catching a little break from March’s record-high prices, but don’t expect any dramatic drops.”
Three things to watch for in the oil market this week:
- Continued COVID-19 lockdowns in Shanghai could signal a decrease in oil demand throughout China, the world’s largest oil importer, which would put downward pressure on global oil prices.
- The European Union has discussed “smart sanctions” on Russian oil, though details of those sanctions have yet to emerge, and the EU hasn’t been able to agree on a full embargo, which could increase oil prices.
- Domestic gasoline demand increased slightly from 8.73 million barrels/day to 8.86, and demand may continue to increase as the summer driving season approaches.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $4.08 Lower Fairfield County $4.09
New Haven/Meriden $3.98 Greater Hartford $3.96
New London/Norwich $4.02 Windham/Middlesex $4.02
Statewide Average: $4.00
Today, Georgia and Arkansas register the lowest prices in the nation at $3.72 and $3.74, respectively. California and Hawaii have the highest gas prices in the nation at $5.69 and $5.24, respectively. Connecticut rose to 27th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.