State gas prices are down slightly from last week

Connecticut and national gas prices have dropped a penny compared to this time last week.

Today, May 15, Connecticut’s average gas price is down to $2.50 from $2.51; while nationally prices are down to $2.34 from $2.35.

In both cases, however, average prices are 14 cents and 12 cents higher, respectively compared to this time last year.

Price declines nationally may be attributed to crude oil prices that are just under $50 a barrel and plans by Russia and Saudi Arabia to extend oil production cuts into March, 2018. In a continuing attempt to rebalance the global world market, the two countries contend there must be a collective effort from all oil producers to increase market stability.

Despite these contentions, the US continues to step up its own oil production. Even though Memorial Day weekend is two weeks away – a time when demand generally increases – it appears US prices may stabilize and drivers here will continue to benefit at the pump even during the typically more expensive summer driving season.

AAA’s weekly survey of prices in Connecticut’s four regional areas as follows:

Greater Bridgeport/Stamford $2.58, New Haven/Meriden $2.48, Greater Hartford $2.48, New London/Norwich $2.49. Statewide average: $2.50

Today, South Carolina continues to register the lowest average in the nation at $2.01, followed by Oklahoma at $2.07.  Hawaii continues to lead the nation with highest prices at $3.06, followed by California at $2.98. Connecticut continues to hold steady at 111th place as the state with the highest prices in the nation.