Summertime Swoon? Another Double-Digit Drop in Gas Prices This Week

Posted on July 18, 2022

Connecticut’s gas prices have fallen nearly 50 cents from their record high five weeks ago. At $4.50, the average is 14 cents lower than last week and 46 cents lower than last month, though still $1.35 higher than last year.

 

The national average also fell to $4.52, down 16 cents from a week ago and 47 cents from a month ago, but still up $1.35 from a year ago.

 

“Global economic headwinds are pushing oil prices lower,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. Those two key factors are behind the recent drop in pump prices.”

 

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

  • According to new data from the Energy Information Administration, gas demand dropped from 9.41 million barrels/day to 8.06 b/d last week.
  • Saudi Arabia did not announce any increase in production following last week’s meeting with President Biden.
  • The major oil benchmarks were up Monday morning, paralleling similar movement in the overall market.

 

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

Greater Bridgeport                $4.67           Lower Fairfield County    $4.64

New Haven/Meriden           $4.49           Greater Hartford              $4.44

New London/Norwich         $4.50            Windham/Middlesex      $4.44

                            Statewide Average:  $4.50

 

Today, South Carolina registers the lowest prices in the nation at $4.02, followed by Texas at $4.03. California and Hawaii have the highest gas prices in the nation at $5.90 and $5.60, 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.

 

 

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