National gas prices fall below $4 a gallon for first time since March
Nationally, the average price of a gallon of gasoline dropped below $4 Thursday for the first time since March 5, while it remained well above that level throughout Connecticut, AAA reported.
Gas prices in many states cleared $5 a gallon this spring for the first time in history.
On Thursday, the national average for regular grade, self-service gas dropped to $3.99, down 14 cents in the last week, down 68 cents from a month ago and down $1.01 since June. The price remains 81 cents higher than a year ago.
In the New London-Norwich area, Thursday’s average price was $4.12, down from $4.33 a week ago and up from $3.20 a year ago. The statewide average Thursday was $4.15.
“It’s been five months since the national gas price average was below $4 per gallon,” said Tracy Noble, manager of public and government affairs for AAA in Greater Hartford. “After peaking in mid-June at $5.01 per gallon, the national gas price average, as well as in many states across the country, has fallen consistently as crude oil prices have moved below $100 per barrel and gasoline demand has fallen off as motorists adjust their driving behaviors.”
Multiple factors determine the fluctuation in prices at the pump, including the price of crude oil, refining costs, taxes, supply and demand, international conflict, economic uncertainty, COVID-19 and hurricane season.
“AAA is cautiously optimistic that pump prices will continue to fall, particularly if the global price of crude oil does not spike, however the overall situation remains very volatile,” Noble said.