Connecticut pump prices continue to slide

Down two places from last week, Connecticut now holds the 30^th spot on the list of states with the highest gas prices in the nation. Today, the Nutmeg State’s $3.92 average for a gallon of self-serve regular also dropped 11 cents since last week. Compared to last month, today’s price is 57 cents lower.

On the national level, today’s $4.11 average is 8 cents lower compared to last week and 22 cents lower than last month.

“The average price for a gallon of gas has fallen below $4 in much of the country,” said Fran Mayko, AAA Northeast spokeswoman. “As warmer weather returns, these lower prices will be a benefit to drivers planning road trips.”

“In Connecticut, drivers are enjoying price cuts because the statewide tax ‘holiday’” said Mayko. “And as a result, we’re among 10 states in the nation to see one of the largest price drops at the pump.”

There are several factors contributing to this week’s slide in gas prices:

• First, the price of crude, though still high, is down to $90 a barrel
• Second, the US and its allies continue to release significant amounts of oil reserves on the global market and
• Finally, the recent resurgence of Covid in China, where Shanghai is in lockdown, is weighing down prices.

Although decreasing global supplies and increasing demand have the potential to counter these factors, there’s a good chance prices at the pump will continue to drop, if oil prices remain below the $100 a barrel mark, added Mayko.

Here is AAA’s weekly price survey of Connecticut’s six metro regions:

Today, Missouri and Oklahoma register the lowest prices in the nation, both at $3.67, followed by Kansas at $3.68. California and Hawaii hold the highest prices in the nation at $5.76 and $5.23, respectively. Visit www.gasprices.aaa.com for daily average gas prices.