HARTFORD, CT (June 7, 2021) After days of stability, both the Connecticut and national gas price averages increased a penny over the weekend. On the week, the majority of states’ (26) gas price averages either increased by one cent or saw no movement. Prices are poised to fluctuate in the coming week, especially in light of a recent drop in gasoline demand. The Energy Information Administration (EIA) reported demand decreased for the week ending May 28. During the same week, total gasoline stocks as U.S. refinery utilization jumped to the highest rate since February 2020.
Today’s national gas price average is $3.05, which is a penny higher than one week ago, 10 cents higher than one month ago and $1.03 more than one year ago.
In Connecticut, the average price of gas is now $3.08, up a penny on the week, up nine cents since last month and $1.08 higher than last year on this date.
“We expect this week’s demand number to increase as it will reflect Memorial Day holiday weekend travel, but it’s not likely to lead to an increase in gas prices for the majority of motorists,” said Amy Parmenter, spokesperson for AAA Greater Hartford. “However, crude oil is on the rise and could prop up pump prices.”
To help gauge pump price fluctuation later this summer, AAA is tracking two additional factors: crude oil prices and global supply. Last week, crude prices increased to their highest price point ($69/bbl) in 2.5 years. Since crude accounts for more than 50% of the price at the pump, when it goes up, so does the price motorists pay. What is promising is that crude may not sustain at this level. The Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced last week they still plan to gradually increase crude production in July. If they do increase production, this could lead to a decrease in crude oil prices, which is good news for motorists.
As usual, the price of gas across CT varies by region:
- Bridgeport - $3.15, up a penny since last week
- Hartford - $3.05, up a penny since last week
- New Haven/Meriden - $3.05, up a penny since last week
- Norwich/New London - $3.09, 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