Connecticut Drivers Paying Almost a Quarter More to Fill Up since May 1 – State Average a Penny Lower than National Average
HARTFORD, CT (August 2, 2021) Americans are paying a pretty penny to hit the road this summer. Connecticut’s gas average was $2.93 on May 1 and sits at $3.16 today, an increase of 23 cents. The beginning of August will likely be as expensive as July, especially as crude oil prices remain over $70 per barrel. An increase in global crude production is expected this month. However, even with the additional supply, global demand could outpace global supply and keep prices high.
“On average, Connecticut motorists are paying 23 cents more to fill up since May 1,” said Amy Parmenter, spokesperson for AAA Greater Hartford. “August could prove to be even more expensive if crude oil prices increase, driven by market concerns of rising COVID case numbers and how that could negatively affect global demand in the near future.”
On the week, the national average increased by two cents to $3.17 with the majority of states seeing jumps between two to ten cents. Today’s average is a nickel more than a month ago and 99 cents more than a year ago.
In Connecticut, the average price of gas is now $3.16, up a penny on the week, up four cents since last month, and up 96 cents higher than last year on this date.
At the close of Friday’s formal trading session, WTI increased by 33 cents to settle at $73.95. A weaker dollar helped to push prices higher last week, while market concerns surrounding demand recovery continued to grow. Crude prices were also bolstered after the Energy Information Administration’s (EIA) latest report showed that total domestic crude stocks declined. For this week, crude prices could climb higher if EIA’s next weekly report shows another decline in total domestic crude supply.
As usual, the price of gas across CT varies by region:
Bridgeport - $3.24, up 2 cents since last week
Hartford - $3.13, up 2 cents since last week
New Haven/Meriden - $3.14, 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