Gasoline Prices Continue To Rise In Connecticut: AAA

CONNECTICUT — Gasoline prices are continuing to rise in Connecticut, though the rate of increase slowed in the past week, according to AAA Connecticut.

The average price for gas in Connecticut was $3.52 per gallon as of Monday, up $0.02 from a week ago. But between Oct. 1 and Monday, gas prices in the state rose by more than $0.30.

By comparison, the national average for a gallon of gas was $3.40 on Monday, which again was an increase of two cents from the previous week, AAA said. The increase is the smallest weekly bump in a month.

AAA said news that Iranian oil, which has not been sold globally in large quantities since 2018, may return to the world market has contributed to the slowing increase. The oil market has been volatile, but the Iranian news was coupled with reported that an OPEC+ meeting is scheduled for Thursday via videoconference, which also contributed to the slowdown in the price increase.

"We have finally seen a little dip in domestic demand for gasoline, which may signal that the typical post-Labor Day drop off was just a bit delayed this year," said Tracy Noble, spokesperson for AAA in Greater Hartford, in a statement. "And, if the recent steady increase in crude oil prices takes a breather too, consumers will likely see smaller price hikes at the pump.”

The slowdown in the increase is welcomed news in Connecticut, because the state is one of the top ten states with the largest jump since Oct. 1. Connecticut, however, is not one of the top 10 most expensive gasoline markets in the nation:

Top 10 largest monthly increases in the U.S.:

• Alabama (+33 cents)
• Connecticut (+32 cents)
• Washington, D.C. (+31 cents)
• Arizona (+31 cents)
• Rhode Island (+30 cents)
• New Hampshire (+29 cents)
• Virginia (+29 cents)
• Vermont (+29 cents)
• Massachusetts (+29 cents)
• Delaware (+28 cents)

The nation's top 10 most expensive markets: California ($4.60), Hawaii ($4.30), Nevada ($3.94), Washington ($3.87), Oregon ($3.78), Utah ($3.73), Alaska ($3.72), Idaho ($3.70), Washington, D.C. ($3.59) and Pennsylvania ($3.57).

— Image via AAA Connecticut

Below are quick statistics from AAA:

Even though gas prices did not increase as much on the week, pump prices will likely continue to rise as long as the price of crude remains above $80 per barrel.

According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 2 million barrels to 215.7 million barrels last week. Gasoline demand also fell from 9.63 million barrels per day to 9.32 million barrels per day. The drop in demand has helped slow price increases, but elevated crude prices continue to put upward market pressure on pump prices.

Today’s national average of $3.40 is 21 cents more than a month ago and $1.27 more than a year ago, and 79 cents more than in 2019.

Oil Market Dynamics

At the close of Friday’s formal trading session, WTI increased by 76 cents to settle at $83.57. Crude prices gained on the day due to market expectations that the Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, will maintain production cuts during their meeting this week. However, crude prices took a slight step back on the week after EIA reported that total domestic crude supply increased by 4.3 million bbl to 430.8 million bbl. If EIA’s next report shows another inventory increase, crude prices could decline this week.
Motorists can find current gas prices along their route with the free AAA Mobile app for iPhone, iPad and Android. The app can also be used to map a route, find discounts, book a hotel and access AAA roadside assistance. Learn more at AAA.com/mobile.