At $70 per barrel, crude oil has increased to its highest price since October 2018 and is now $23 per barrel more expensive than it was this past January. Crude prices have steadily climbed this year along with optimism for the COVID-19 vaccine and the promising impact it will have for global gasoline demand.
“Motorists are paying, on average, 37% more to fill up than the start of the year,” said Amy Parmenter, spokesperson for AAA Greater Hartford. “But there is hope for a summer downturn. If crude production increases, as forecasted, there is the possibility of seeing some relief.”
Today’s national gas price average is $3.08, up three cents from one week ago, nine cents higher than one month ago and 99 cents more than one year ago.
In Connecticut, the average price of gas is now $3.09, up two cents on the week, up five cents since last month, up 82 cents since Jan. 1… and 98 cents higher than last year on this date.
Market analysts are keeping a close eye on global supply and demand levels. They are especially eager to see if the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, follow through with production increases next month. This move could help put downward pressure on crude prices and, in turn, push gas prices less expensive. However, motorists likely would not see any impact at the pump until mid-to-late July.
As usual, the price of gas across CT varies by region:
- Bridgeport - $3.16, up a penny since last week
- Hartford - $3.06, up a penny since last week
- New Haven/Meriden - $3.06, up a penny since last week
- Norwich/New London - $3.10, up a penny since last week
Provide Connecticut drivers with the latest gas prices by adding this link to the front page of your website: GasPrices.AAA.com
CT Mailing Address:
815 Farmington Avenue
West Hartford, CT 06119
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.