The ongoing war with Iran and higher spring domestic gasoline demand are pushing pump prices higher across the Northeast.
As the national average nears $4 a gallon — rising more than $1 in one month — crude oil prices remain elevated amid uncertainty about the direction of the war, settling above $100 a barrel when markets closed on Friday.
Continued attacks on infrastructure across the Persian Gulf region and Iran’s stranglehold on the Strait of Hormuz are keeping pressure on oil and gas prices around the globe.
Domestically, tightening gasoline inventories and stronger demand are adding additional pressure to pump prices.
The Energy Information Administration (EIA) last week reported U.S. gasoline stocks fell by 2.6 million barrels to 241.4 million barrels — the sixth straight weekly decline as suppliers purge the last of winter-blend gasoline out of the system and more regions complete the switchover to summer-blend fuel. Gasoline demand topped 8.92 million barrels a day, up 196,000 barrels a day from the previous week and 281,000 barrels a day higher than the same time last year, the EIA reported. Demand typically climbs during peak spring break season and many retailers are stepping up purchases to get ahead of future price increases.
“While the pace of price increases at U.S. gas pumps slowed in many markets last week — and some areas even saw slight declines of a penny or two — oil and gas markets remain unsettled,” said Lauren Fabrizi, spokesperson for AAA Northeast in a release. “War and higher oil prices will ultimately continue to be the primary driver of prices at the pump.”
AAA Northeast’s March 30 survey of fuel prices found the average price for a gallon of regular in Connecticut is up 5 cents from last week ($3.88), averaging $3.93. Today’s price is $1.02 higher than a month ago ($2.91) and 89 cents higher than this day last year ($3.04).
The current national average is up 4 cents from last week ($3.95), averaging $3.99 per gallon. Today’s price is $1.01 higher than a month ago ($2.98) and 84 cents higher than this day last year ($3.15).
On Monday, Oklahoma and Kansas had the lowest prices in the nation at $3.25 each. California and Hawaii held the highest prices in the nation this week at $5.87 and $5.41, respectively.
Connecticut holds the 17th place on the list of highest gas prices in the nation.
The AAA Gas Prices website is your resource for up-to-date fuel price information. Search average gas prices by Regular, Plus, Premium and Diesel on National and State levels, as well as Metro areas.
AAA Northeast is a not-for-profit auto club with offices in Rhode Island, Massachusetts, Connecticut, New Jersey, New Hampshire and New York, providing 6.9 million local AAA members with travel, insurance, financial and auto-related services.