As Crude Oil Prices See Dramatic Fluctuation, Connecticut’s Gas Average Holds Steady
Hartford, CT (July 19, 2021) Since Memorial Day weekend, the national gas price average has increased 13 cents to $3.17. That is 98 cents more than a year ago, but 41 cents cheaper than this time in July 2014, when the national average was last above $3/gallon. In Connecticut, the gas average has increased eight cents since the first holiday weekend of summer, is 95 cents higher than one year ago and about 80 cents lower than 2014.
One of the primary reasons for more expensive gas prices this summer is high crude oil prices. However, last week crude prices fluctuated from a high of $75 per barrel down to $71 per barrel. News from the Organization of the Petroleum Exporting Countries (OPEC) over the weekend, that they have reached a deal to increase production in August, could give crude oil prices the potential to drop under $70. Regardless, AAA expects higher pump prices to be the norm throughout the summer.
“It’s a cruel summer at the gas pump with prices showing little signs of relief,” said Amy Parmenter, spokesperson for AAA Greater Hartford “However, the more expensive prices aren’t stopping motorists from filling-up based on strong gasoline demand numbers.”
In Connecticut, the average price of gas is now $3.15, up a penny on the week, up six cents since last month, and up 95 cents higher than last year on this date.
Although crude oil prices fluctuated at the end of last week because of a stronger dollar, crude prices declined on the week due to supply concerns and tension between Saudi Arabia and the United Arab Emirates that prevented OPEC and its allies from reaching a deal to increase crude production. However, under the compromise, which media reports confirmed over the weekend, OPEC will increase daily crude production by 400,000 barrels in August. The increase is expected to help lower crude prices, assuming it is not met with higher demand. Crude prices could decline this week in anticipation of the production increase.
As usual, the price of gas across CT varies by region:
Bridgeport - $3.23, up 2 cents since last week
Hartford - $3.12, up a penny since last week
New Haven/Meriden - $3.13, up a penny since last week
Norwich/New London - $3.19, 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.