Statewide gas prices have finally fallen below last year’s average, with national prices not far behind.
Today, the statewide average for a gallon of self-serve regular is $3.53, 12 cents lower than last week and a penny lower than last year. On the national level, today’s average price of $3.40 is 15 cents lower than last week but 4 cents higher than last year.
The market, however, continues to watch the results of a recent OPEC+ meeting in which the cartel agreed to maintain a daily production cut of 2 million barrels through 2023. This decision could possibly boost the global price of oil.
“National gas prices are dropping sharply with prices dropping 26 cents in the last two weeks.” said Fran Mayko, AAA Northeast spokeswoman. “But with oil being the main ingredient in gasoline, OPEC+’s move could also slow this decline.”
Just before the cartel’s announcement, the European Union, Australia, Japan, the US, Canada, and the UK are implementing a $60 a barrel price cap on Russian crude, with the intent of limiting Russia’s revenues because of the Ukrainian invasion.
“Only time will tell how these actions will play out on the global stage,” said Mayko. “However, it’s expected national gas prices will likely be lower than a year ago soon.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.63 Lower Fairfield County $3.61
New Haven/Meriden $3.55 Greater Hartford $3.48
New London/Norwich $3.45 Windham/Middlesex $3.57
Statewide Average: $3.53
Today, Texas registers the lowest prices in the nation at $2.78, followed by Oklahoma at $2.87. Hawaii and California have the highest gas prices in the nation at $5.18 and $4.77, respectively. Connecticut holds the 20th spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.