Drivers nationally are catching a break at the pump as average gas prices dropped 2 cents lower than last week. Does this mean Connecticut drivers will soon see a drop too? Only time will tell, says AAA Northeast.
Crude oil tumbled $10 to $68 a barrel when news about the Omicron variant first broke last week. But industry experts maintain it’s still too early to predict the new virus’ long-term effects on pump prices.
“It’s much too soon to tell if Omicron fears will prompt a potential global economic slowdown,” said Fran Mayko, AAA Northeast spokeswoman. “Market uncertainties could still push oil prices lower. But for now — despite tight supplies and high demand — those high pump prices may be stabilizing.”
Today’s national average for a gallon of self-serve regular at $3.39 is 2 cents less than last year, but still $1.26 higher than last year. In Connecticut, the statewide average of $3.56 has stabilized, remaining the same as last week. State prices, however, are still $1.41 higher than last year.
There’s also a potential for pump prices to drop further as the world awaits a coordinated release of stockpiled oil reserves by the US, China, India, Japan, South Korea, and the UK.
“At this point, we don’t know now what effect the release will have on the worldwide price of crude,” added Mayko. “That will depend upon the total amount of oil that moves into global markets. Only time will tell.”
Here is AAA’s weekly price survey of Connecticut’s six metro regions:
Greater Bridgeport $3.62 Lower Fairfield County $3.62
New Haven/Meriden $3.54 Greater Hartford $3.53
New London/Norwich $3.56 Windham/Middlesex $3.56
Statewide Average: $3.56
Today, Oklahoma and Texas register the lowest prices in the nation a $2.95 and $2.98, respectively. California and Hawaii continue to hold the highest prices in the nation at $4.71 and $4.35, respectively. Connecticut moves up to the 13th spot on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.