March Madness at the Pump: Gas Prices Sink Slowly, But Will They Rebound?

Posted on March 21, 2022

After hitting a record high on March 11, gas prices have fallen both nationally and locally. The primary reason is the lower price of crude oil, which peaked on March 8 but has since declined. Domestic gasoline demand has also dipped slightly, possibly in response to higher prices at the pump.

 

Today, the national average price of $4.25 for a gallon of self-serve regular is 8 cents lower than last week, but still 72 cents higher than last month and $1.37 higher than last year.

 

In Connecticut, the state’s $4.34 average is 13 cents lower than last week – the sixth biggest drop in the nation – but still 67 cents higher than last month and $1.44 higher than last year.

 

Three things to watch for in the oil market this week:

  • Foreign ministers in the European Union are meeting to discuss whether they should join the United States in banning Russian energy imports, including crude oil.
  • The Energy Information Administration reports that gasoline demand across the USA decreased slightly from 8.96 million barrels/day to 8.94 – during a season when demand typically rises. Analysts are looking to see whether this trend continues as the summer driving season approaches.
  • In recent days, both Japan and Germany have urged OPEC to boost production, joining calls from other importers, but so far OPEC hasn’t budged.

 

“Usually with warmer weather and longer days, spring brings an uptick in gasoline demand as more people hit the road,” said Alec Slatky, Director of Public and Government Affairs for AAA Northeast. “But most drivers say they’ll try to change their driving habits when prices exceed $4/gallon, so we’ll be watching to see how demand is affected.”

 

Here is AAA’s weekly price survey of Connecticut’s six metro regions:

Greater Bridgeport                $4.41            Lower Fairfield County    $4.41

New Haven/Meriden           $4.31            Greater Hartford              $4.31

New London/Norwich         $4.33            Windham/Middlesex      $4.30

                            Statewide Average:  $4.34

 

Today, Kansas and Missouri register the lowest prices in the nation at $3.77. California continues to hold the highest prices in the nation at $5.86, and Nevada has overtaken Hawaii for second place at $5.12. Connecticut dropped to 13th on the list of highest gas prices in the nation. Average gas prices may be obtained daily through www.gasprices.aaa.com.

 

Connecticut
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