Gas Prices Drop for 27 Consecutive Days as Oil Retreats

Posted on July 11, 2022

Consumers may spot a noticeable drop at the pump this week, as Connecticut’s gas price average fell to $4.64, down 14 cents from a week ago and 34 cents from a month ago, but still up $1.49 from one year ago.

 

Nationally, the average for a gallon of self-service regular sank for the 27th consecutive day to $4.68, down 13 cents from last week and 33 cents from last month, but still up $1.53 from last year.

 

“Drivers are eager for this streak to continue,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “If oil prices keep falling, consumers may see more relief.”

 

Three things to watch for in the oil market this week:

  • Partial COVID-related lockdowns in various Chinese cities are hampering demand expectations, putting downward pressure on oil prices.
  • Last week, a Russian Court ordered a 30-day shutdown of the Caspian Pipeline Consortium, which transports over a million barrels of oil per day out of Kazakhstan, in response to alleged oil spills. But this morning, a court overruled that judgment and imposed a fine instead, temporarily easing fears of a supply crunch.
  • President Biden will visit Saudi Arabia this week, where the oil market is expected to be a topic of conversation.

 

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

Greater Bridgeport                $4.80           Lower Fairfield County    $4.79

New Haven/Meriden           $4.62           Greater Hartford              $4.59

New London/Norwich         $4.61            Windham/Middlesex      $4.56

                            Statewide Average:  $4.64

 

Today, South Carolina and Georgia register the lowest prices in the nation at $4.18, followed by Mississippi at $4.19. California and Hawaii have the highest gas prices in the nation at $6.09 and $5.62, respectively. Connecticut ranks 27th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.

 

Connecticut
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