Gas prices accelerate statewide, nationally

Gas prices on the national and statewide levels are on the rise as demand continues to grow; inventories continue to drop and crude oil prices continue to edge upwards.

In Connecticut today (July 24), the state’s average gas price increased two cents to $2.44, compared to this time last week. Compared to this time last year, prices are $.11 cents higher.

On the national level, prices increased three cents to $2.28 compared to this time last week. Today’s national average price is a penny higher compared to last year.

Because of a global oil glut, gas prices have remained relatively low for most of the year. However, drivers are seeing price increases because of an uptick in demand this summer, which, in turn, is draining global inventories. To offset the inventory drop, the US continues to step up its own oil production while OPEC continues to urge major oil-producing countries to comply with strict production cuts as a way to rebalance the market.

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

  • Greater Bridgeport/Stamford $2.52

  • New Haven/Meriden $2.40

  • Greater Hartford $2.42

  • New London/Norwich $2.47

  • Statewide average $2.44

Today, South Carolina continues to register the lowest average in the nation at $1.99, followed by Alabama at $2. Hawaii at $3.04 and California at $2.91 are the two states with the highest average prices in the nation. This week, Connecticut is now at 11th place on the list of states with the most expensive gas averages in the nation.

AAA Northeast is a not-for-profit auto club with 62 offices in Rhode Island, Massachusetts, Connecticut, New Jersey, New Hampshire and New York, providing more than 2 million local AAA members with travel, insurance, finance, and auto-related services.