Gas Prices May Be On the Skids But Don’t Get Too Excited Yet, Says AAA

Posted on July 5, 2022

After hitting record highs earlier this summer, average gas prices are on the decline. But not so fast drivers: the downward trend could be short-lived, says AAA Northeast.

 

Several factors could very well push prices back up, said Fran Mayko, AAA Northeast spokeswoman. “First, we’re on the cusp of hurricane season and one good storm could wreak havoc in the Gulf; and second, July typically has been the month of greatest gas demand in this country,” she added.

 

Today, Connecticut’s statewide average for a gallon of self-serve regular is $4.77, a 9-cent drop since last week, while the national average of $4.80 is 8 cents lower than last week.

 

In both cases, however, average prices are down dramatically compared to the records hit on June 14 when the Connecticut average peaked at $4.98 and the national average hit $5.02.

 

Since then, prices have slowly fallen for several reasons, said Mayko, mainly because the price of crude has dropped to $108 a barrel and demand dipped slightly over the last few weeks.

 

Here is AAA’s weekly price survey of Connecticut’s six metro regions:

Greater Bridgeport                $4.89           Lower Fairfield County    $4.87

New Haven/Meriden           $4.74           Greater Hartford              $4.72

New London/Norwich         $4.80           Windham/Middlesex      $4.72

                           Statewide Average:  $4.77

 

Today, South Carolina registers the lowest price in the nation at $4.29, followed by Georgia at $4.30. California and Hawaii continue to hold the highest prices in the nation at $6.24 and $5.62, respectively. Connecticut holds the 26th spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.

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