National Gas Average Jumps to Highest Price of the Year
(Connecticut Average Hit its Highest Price in the Past Week)
Crude Oil Prices Fluctuate, but Remain High Amid Growing Global COVID Concerns
HARTFORD, CT (August 9, 2021) – Nationwide, the average price of gas is the highest it has been all year. Here in Connecticut, the highest price seen so far in 2021 happened Saturday, when the state gas average reached $3.18.
Pump prices fluctuated across the country last week with some states seeing as much as a nine-cent increase, while others enjoyed a seven-cent decrease. Crude oil prices dropped below $70 per barrel at the end of last week in reaction to concerns about the delta variant, growing COVID case numbers and the possibility of potential lockdowns. While crude is a little cheaper, gas prices are still positioned to remain high for the remainder of the month.
“AAA continues to see very robust gasoline demand for the peak summer driving season,” said Amy Parmenter, spokesperson for AAA Greater Hartford. “The latest demand rate was 2% higher than the same time period in 2019, while gasoline stocks are about 1% below.”
Today’s national average is $3.19, is the highest it’s been all year and more than a dollar above where it was a year ago, a nickel more than a month ago and two cents more than a week ago.
In Connecticut, the average price of gas is now $3.17, up a penny on the week, up three cents since last month, and up 98 cents higher than last year on this date.
A stronger dollar and market concern about the impact of new coronavirus infections on crude demand pushed prices lower at the end of last week. Crude prices also declined after the EIA’s latest report showed that total domestic crude stocks increased. For this week, crude prices could decrease further if the market continues to worry that crude demand will decline as restrictions are imposed to halt transmission of COVID-19.
As usual, the price of gas across CT varies by region:
Bridgeport - $3.24, unchanged since last week
Hartford - $3.14, up a penny since last week
New Haven/Meriden - $3.15, up a penny since last week
Norwich/New London - $3.21, up 2 cents 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