Today (June 4) average prices for a gallon of self-serve, regular gas in Connecticut is $3.15, the same price it was last week. A year ago, prices were $.64 cents lower at $2.51 a gallon.
Nationally, gas prices have dropped two cents from last week with today’s average price at $2.95. This is the first time there has been a decrease in the national average since mid-March.
Can this be the start of stable prices at the pumps? Perhaps! “As crude oil prices drop, global oil production has increased,” said Fran Mayko, AAA Northeast spokeswoman. “That means worldwide inventories are increasing, along with global demand.”
In the coming weeks, prices may be affected further by OPEC’s possible decision to lift supply limits under a 2017 agreement with its partners. That agreement, an attempt to balance the global market, expires at year’s end. However, cartel members may decide to lift those limits before the agreement expires. That decision is expected on June 22.
AAA’s weekly survey of prices in Connecticut’s six regions are:
- Greater Bridgeport $3.22
- Lower Fairfield County $3.20
- New Haven/Meriden $3.12
- Greater Hartford $3.12
- New London/Norwich $3.17
- Windham/Middlesex $3.15
- Statewide average $3.15
Today, South Carolina and Mississippi both register the lowest average per-gallon prices in the nation at $2.63 and $2.64, respectively. California and Hawaii continue to lead the pack with the highest average prices at $3.74 and $3.71, respectively. Connecticut moved up to the 8th spot with the highest prices in the nation.