Gas prices have risen in Connecticut
But ‘things could be a lot worse,’ experts say
Connecticut motorists probably have noticed that as the temperatures have recently risen, so have gas prices. But prices in the state are still running below national averages and are much less than the record prices that were reached a couple of years ago.
The average price Thursday for regular unleaded gas in Connecticut was about $3.47, compared with an average of $3.44 a week ago, $3.29 a month ago and $3.43 a year ago, according to data compiled by AAA. Within Connecticut, the area prices for regular ranged from $3.44 in Hartford to $3.53 in Bridgeport.
The state’s average for regular was still lower than the national average, which ran at $3.63 on Thursday. Among Connecticut’s neighbors, the average Thursday for regular was $3.34 in Massachusetts, $3.48 in New York and $3.34 in Rhode Island. Nationwide, California
posted the day’s highest average for regular, at $5.41, while Colorado’s average of $3.08 was the lowest.
Experts said that they were not surprised by the uptick in gas prices, which they expect to continue in the next couple of months, in light of factors such as the annual switch to costlier summer-blend gasoline, rising oil prices and robust demand as people are traveling more. At the same time, strong gas inventory in the Northeast has helped mitigate the increases in this region.
“It’s pretty safe to say we’re following a seasonal trend right now,” Mark Schieldrop, a spokesperson for AAA Northeast, said on Thursday. “$3.47 is a little bit higher than most folks want to pay. It was nice when prices were below $3 per gallon. But things could be a lot worse.”
In Connecticut and nationwide, the “worst” pricing occurred a couple of years ago, amid the economic aftershocks of Russia’s invasion of Ukraine and other pressures such as low gas inventories. Connecticut’s highest recorded average price for regular was $4.98, on June 14, 2022, according to AAA. The state’s highest recorded average for diesel was $6.44, on May 18, 2022.
Potential disruption, such as damage to oiland-gas infrastructure sustained during a hurricane, could catalyze another spike in prices. But overall, the U.S. has resilient energy production, Schieldrop said.
“Right now, the United States is the world’s leading producer of oil,” he said. “So that’s really helped soften the impact of things that happen around the world.”
If there is not significant upheaval resulting from the hurricane season or other factors, Schieldrop said he expects the current run of price increases to peak in June. In the meantime, many people remain intent on traveling this summer.
“There’s still uncertainty and questions about the economy,” Schieldrop added. “But, by all accounts, when we talk to our travel business, people are booking trips. The unbelievable travel demand that we saw last year is continuing on into this year.”