Despite deteriorating US-Iran relations, market speculation, and higher crude oil prices, the national gas price average remains steady this week.
That can change, however, depending upon what happens on the global scene in coming days, says AAA Northeast.
“It remains to be seen how global crude prices will be affected by recent events and how Iran reacts to the recent drone strike that killed a top military leader,” said Fran Mayko, AAA Northeast spokeswoman. “When a serious geopolitical event like this occurs, it’s typical to see a bump in crude oil prices – the driving force of retail prices at the pump.”
“And if tensions continue to escalate, they may prompt crude oil prices to rise further,” said Mayko.
National gas prices today are averaging $2.58, the same as they were last week and last month. Prices are 30 cents higher than this time last year.
Market speculation about a possible disruption in global crude supplies continues to circulate. But what’s currently minimizing extreme price increases, according to industry experts, is the amount of available supply on the worldwide market and the fact that Saudi Arabia, a major global supplier and an enemy of Iran, has a great deal of available capacity.
On the statewide level, Connecticut average prices of $2.69 a gallon are a penny more than last week, 3 cents higher than last month and 10 cents higher than this time last year.
AAA’s weekly survey price survey of Connecticut’s six regions are:
Greater Bridgeport $2.76 Lower Fairfield County: $2.74
New Haven/Meriden $2.67 Greater Hartford $2.66
New London/Norwich $2.69 Windham/Middlesex $2.72
Statewide Average: $2.69
Today, Hawaii and California continue to register the highest average per-gallon prices in the nation at $3.66 and $3.55 respectively. Missouri and Oklahoma are the states with the lowest prices both at $2.21 and 2.27, respectively. Average gas prices may be obtained daily through www.gasprices.aaa.com.