Gas Prices Fall, But Not Enough to Lure Drivers Back to the Pump

Posted on August 9, 2022

Despite steadily falling gas prices during the peak of the summer driving season, fewer drivers fueled up last week. It’s another sign that, for now, Americans are changing their habits to cope with higher pump prices.

 

At $4.22, the Connecticut average is 12 cents lower than last week and 47 cents lower than last month, though still $1.04 higher than last year.

 

The national average fell to $4.06, down 15 cents from a week ago and 66 cents from a month ago, but still up 87 cents from a year ago.

 

“The combination of cheaper oil and lower demand is a recipe for gas prices to fall,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “It’s possible that the national average will drop below $4.00 this week.”

 

According to new data from the Energy Information Administration (EIA), gas demand dropped from 9.25 million barrels/day to 8.54 million last week. The rate is 1.24 million b/d lower than last year and is in line with the need at the end of July 2020, when COVID-19 restrictions were in place and fewer drivers hit the road. Moreover, according to EIA, the total domestic gasoline supply rose slightly by 200,000 barrels to 225.3 million. If gas demand remains low and the supply continues to increase alongside falling oil prices, drivers will likely continue to see pump prices drop.

 

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

Greater Bridgeport                $4.38            Lower Fairfield County    $4.37

New Haven/Meriden           $4.20           Greater Hartford              $4.15

New London/Norwich         $4.20           Windham/Middlesex      $4.18

                            Statewide Average:  $4.22

 

Today, Texas registers the lowest prices in the nation at $3.56, followed by South Carolina at $3.59. California and Hawaii have the highest gas prices in the nation at $5.45 and $5.42, respectively. Connecticut ranks 22nd 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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