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AAA: CT Gas is 25 Cents from $3.00 Benchmark
Nationwide Average Continues Upward Trend
The average price for a gallon of regular unleaded gas in Connecticut is $2.75 today, just 25 cents short of the critical $3.00 benchmark.
The average price of gas across the state is up 10 cents since the beginning of the year, having been on a slow but steady upward trend since mid-January. And, AAA says, Connecticut gas prices are up 32 cents compared to this same time last year.
“The upward trend we are seeing in the price of gas here in Connecticut is mirroring what we are seeing across the country,” says Amy Parmenter, spokesperson for AAA in Greater Hartford. “Strong demand along with steadily rising oil prices means drivers nationwide will continue to pay more at the pump through the end of the month”.
Reminder: The least expensive gas in your area is just one click away with the AAA app.
National Gas Prices
The national gas price average has increased for the sixth consecutive week, landing today’s national average at $2.61. That is 18 cents more expensive since prices started the upward trend in late-December and 3 cents more than last Monday.
On the week, U.S. consumer gasoline demand hit 9 million b/d. In 2017, demand did not reach this mark until early March, according to the Energy Information Administration (EIA).
Connecticut Regional Gas Prices
As usual, gas prices across Connecticut vary by region:
New Haven/Meriden $2.72
New London/Norwich $2.78
- The most expensive gas is in Hawaii at $3.39 for a gallon of regular unleaded
- The least expensive gas is in Texas at $2.36 for a gallon of regular unleaded
Oil market dynamics
At the close of Friday’s formal trading session on the NYMEX, WTI decreased 35 cents to settle at $65.45. Last week’s losses, which were buoyed by a stronger dollar, may extend into this week after EIA’s latest weekly report revealed that crude inventories grew by an astonishing 6.8 million b/d.
The crude oil growth may give the market some pause as it assesses the long-term impact of OPEC’s production reduction agreement, which remains in effect through the end of 2018. Countries outside of the agreement, such as the U.S., have seen production grow as global demand has grown, enabling these countries to export more oil while OPEC and its allies reduce production.
In the U.S., crude production continues to grow. The latest Baker Hughes, Inc. report found the active oil rig count in the U.S. grew by six and now totals 765. The current total is 182 more rigs than last year’s count in early February.
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AAA provides automotive, travel and insurance services to 58 million members nationwide and more than one million members in Connecticut. AAA advocates for the safety and mobility of its members and has been committed to outstanding road service for more than 100 years. The not-for-profit, fully tax-paying member organization works on behalf of motorists, who can now map a route, find local gas prices, discover discounts, book a hotel and track their roadside assistance service with the AAA Mobile app for iPhone, iPad and Android. For more information, visit www.aaa.com.