CT, Nat’l Gas Prices Continue to Slide

Posted on July 25, 2022

Although average national and statewide gas prices are still higher than this time last year, drivers continue to see double-digit drops at the pump, says AAA Northeast.

 

 

Today, the average price for a gallon of self-serve regular in The Nutmeg State is $4.39, 11 cents lower than last week and $1.24 higher than last year. Nationally, the average of $4.36 is 16 cents lower than last week, and $1.20 higher than last year.

 

Average national prices have now fallen daily since hitting a record $5.01 on June 14. A drop in consumer demand, following high retail prices have contributed to the steady decline, along with a drop in oil prices that are now hovering in the mid-$90 range.

 

“This is a classic case of supply and demand,” said Fran Mayko, AAA Northeast spokeswoman. “Unfortunately, however, the Northeast remains one of the tighter regions of the country for both gasoline and diesel fuel, which in turn is contributing to higher prices here.”

 

 

However, drivers can be optimistic that pump prices could continue to fall, especially if global crude prices don’t spike this summer. “We’re cautiously optimistic,” said Mayko, “because the overall global situation still remains very volatile.”

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

Greater Bridgeport                $4.56            Lower Fairfield County    $4.56

New Haven/Meriden           $4.36            Greater Hartford              $4.31

New London/Norwich         $4.40           Windham/Middlesex      $4.33

                            Statewide Average:  $4.39

 

Today, Texas and South Carolina both register the lowest prices in the nation at $3.86, followed by Georgia at $3.89. California and Hawaii hold the highest prices in the nation at $5.73 and $5.53, respectively. Connecticut holds the 25th spot on the list of states with the highest gas prices in the nation. Visit www.gasprices.aaa.com for daily average gas prices.

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