In the last week, the Connecticut gas price average has risen by two cents – a result of crude oil prices pushing prices higher at the pump. The National average for a gallon of regular unleaded rose three cents.
In its latest weekly report, new data from the Energy Information Administration (EIA) showed that gas demand dropped while total domestic gas stocks increased. Typically, lower gas demand amid growing stocks would help push pump prices down, but the increasing price of crude has pushed prices up instead.
Today’s national gas price average is $3.07, 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 seven cents since last month and $1.04 higher than last year on this date.
“Most areas in Connecticut have seen an increase in gas prices this week,” said Amy Parmenter, spokesperson for AAA Greater Hartford. “If domestic crude prices remain high, drivers will likely continue to see pump prices fluctuate through the end of the month.”
Crude prices crossed the $70/bbl threshold on Tuesday, a point they had not seen since mid-October 2018. Crude prices have increased due to optimism that vaccine rollout will continue to help crude demand recover and after the U.S. Consumer Price Index showed that prices increased by 5% in May, compared to last year, a larger increase than expected. The new report is fanning market concerns that inflation is driving prices higher. Additionally, crude prices have been bolstered by EIA’s latest report revealing that total domestic crude supplies decreased last week.
As usual, the price of gas across CT varies by region:
- Bridgeport - $3.15, 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 - $3.11, up a two 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