The high cost of crude continues to speed up average prices at national and statewide gas pumps, reports AAA Northeast.
Today, Connecticut’s average gas price of $4.32 for a gallon of self-serve, regular is 19 cents higher than last week and 38 cents higher than last month.
On the National level, the average price has risen 14 cents to today’s $4.33, just under the record set March 11. Today’s price is also 21 cents higher than a month ago.
“As the cost of crude closes in on $110 a barrel, drivers are paying more at the pump –a lot more,” said Fran Mayko, AAA Northeast spokeswoman.
Since crude accounts for more than half of the price at the pump, more expensive oil means more expensive gasoline, said Mayko. “And unfortunately, today’s prices are creeping closer to the record high levels of early March.”
Connecticut hit a record of $4.49 a gallon on March 11. The National record was set on the same day at $4.33.
Diesel prices, however, on the statewide and national levels both have hit new records today. In Connecticut, today’s diesel price average is $6.29; while nationally, the average is $5.54.
Along with rising oil prices, increasing global demand and lower supplies are pushing pump prices upward. Industry experts said crude prices rose after the European Union said it would ban Russian oil imports in six months and prohibit refined product imports at the end of 2022.
Global issues aren’t the only reason contributing to higher prices, said Mayko. “We’re on the cusp of the summer drive season, Memorial Day is just a few weeks away, we’re heading into hurricane season and we’re converting to the more expensive summer blends. These are just a few reasons why the global market is so volatile,” said Mayko.
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 $4.28 Greater Hartford $4.30
New London/Norwich $4.33 Windham/Middlesex $4.34
Statewide Average: $4.32
Today, Georgia registers the lowest prices in the nation at $3.84, followed by Missouri at $3.90. California and Hawaii hold the highest prices in the nation at $5.83 and $5.28, respectively. Connecticut moved to the 22nd spot on the list of highest gas prices in the nation. Go to www.gasprices.aaa.com for average daily gas prices.