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AAA: Oil Causing Unseasonable Jump at Pump
Motorists Paying a Steep Price
Gas prices typically fall in the fall, but not this year.
The price of oil is as high as it has been since 2014, at almost $76/bbl, and that has pushed pump prices higher across the country rather than the typical drop off following the busy summer driving season.
Today’s national gas price average is $2.91, which is up three cents in the last week, up seven cents in the last month, and 39 cents higher than this time last year.
Here in Connecticut, the statewide average remains above $3 a gallon - at $3.03 for regular unleaded. In fact, the average price of gas across Connecticut has not dropped below $3 since May.
“Gas prices are feeling more like summer than fall,” says Amy Parmenter, spokesperson for AAA in Greater Hartford. “This time of year, motorists typically see prices drop steadily with the drop in demand and refineries switching over to the less expensive 'winter blend', but there's no relief this year.”
The average price of gas across Connecticut is 26 cents higher than it was on this same date last year.
U.S. sanctions against Iran, set to go into effect Nov. 4, and Energy Secretary Rick Perry's recent dismissal of the idea of additional Strategic Petroleum Reserve sales, helped boost oil prices to nearly-four-year highs on Wednesday. While markets are still focused on the prospect of tight global supply as U.S. sanctions on Iran kick in, recent reports that Russia and Saudi Arabia have reached an agreement to increase production might help ease supply concerns.
AAA has a variety of resources to help motorists save on fuel:
- Fuel Price Finder (AAA.com/fuelfinder) locates the lowest fuel price in your area.
- AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
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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.