Some positive news for prospective travelers for the holiday weekend: the national gas price average has dropped to $4.90, 8 cents lower than last week. That price is still 30 cents higher than last month and $1.75 higher than last year.
Connecticut’s gas price average has also declined to $4.87, down 7 cents from a week ago, but up 19 cents from a month ago and $1.89 from one year ago.
“The dip in gas prices is welcome news for drivers,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “If fears of a global recession exert enough downward pressure on oil prices, consumers may see more relief.”
Three things to watch for in the oil market this week:
- OPEC+ countries, including Russia, meet later this week and are expected to adhere to a previously-announced plan to increase output by 648,000 barrels/day in August.
- The G7 meeting is expected to discuss various sanctions on Russia, including possible caps on the price of Russian oil.
- Political unrest in both Libya and Ecuador is hampering oil production and shipping in those countries, holding down supply on the global market.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $5.00 Lower Fairfield County $5.00
New Haven/Meriden $4.83 Greater Hartford $4.82
New London/Norwich $4.88 Windham/Middlesex $4.81
Statewide Average: $4.87
Today, Georgia registers the lowest prices in the nation at $4.40, followed by Mississippi at $4.41. California and Nevada have the highest gas prices in the nation at $6.32 and $5.58, respectively. Connecticut ranks 24th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.