Higher global inventory is limiting price increases at the pump, says AAA Northeast.
But there’s are wildcards in this mix, that may push pump prices higher: Last week, OPEC+ said it would maintain current production levels and the US unemployment rate dropped to a 54-year low.
“With more supply available globally and more America working, demand could increase, which may eventually push pump prices higher,” said Fran Mayko, AAA Northeast spokeswoman.
Today’s Connecticut average price for a gallon of self-serve regular is $3.34, 2 cents lower than last week, and 23 cents lower than last year.
On the national level, today’s $3.47 average is 4 cents lower than last week and 3 cents higher than last year.
“Keep an eye on the price of oil, because crude currently accounts for nearly 60% of what we pay at the pump,” said Mayko. “Rising or falling oil prices, among other factors, can have a direct impact on driver’s wallets.” Crude recently dropped to around $73 a barrel.
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.40 Lower Fairfield County $3.36
New Haven/Meriden $3.33 Greater Hartford $3.31
New London/Norwich $3.34 Windham/Middlesex $3.41
Statewide Average: $3.34
Today, Texas registers the lowest prices in the nation at $3.09, followed by Mississippi at $3.12. Hawaii and California have the highest gas prices at $4.91 and $4.62, respectively. Connecticut holds the 32nd spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.