Lower crude oil prices and fewer motorists fueling up are driving daily average gas prices down, says AAA Northeast.
Several other factors, such as a global recession, and the US plan to tap the Strategic Petroleum Reserve in December, also are tempering prices, said Fran Mayko, AAA Northeast spokeswoman.
Compared to last year, driver demand is down about 1 million barrels of oil while crude prices are in the $84 a barrel range. In addition, the US plans to release 15 million barrels of oil from the US Strategic Petroleum Reserve in December to offset prices, completing the 180 million barrel drawdown.
“All these elements are taking the pressure off pump prices and in turn benefitting drivers and their wallets,” she said. “If demand remains low and oil prices don’t spike, prices at the pump will most likely continue to fall.”
Today, Connecticut’s average price of $3.48 for a gallon of self-serve regular is the same as last week. Prices are 3 cents lower than last year.
On the National level, today’s average of $3.79 is 10 cents lower than last week and 40 cents higher than last year.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.55 Lower Fairfield County $3.55
New Haven/Meriden $3.45 Greater Hartford $3.45
New London/Norwich $3.49 Windham/Middlesex $3.51
Statewide Average: $3.48
Today, Georgia and Texas register the lowest prices in the nation at $3.20 and $3.21, respectively. California and Hawaii hold the highest prices in the nation at $5.75 and $5.21, respectively. Connecticut is now in 37th place on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.