U.S. election, abundant crude oil — lower gas prices at pump

Motorists are seeing dropping gas prices at the pump which some industry experts believe is the result of the recent U.S. election and abundant crude oil supplies.

Over the last week, average gas prices on the state and national levels have declined several pennies.

  • In Connecticut, today’s average gas price of $2.32 is down $.02 cents compared to last week and down $.01 cent compared to last month.
  • Nationally, average prices of $2.17 are down a nickel compared to last week; and down $.08 cents compared to last month.

Industry experts believe the Trump administration will relax existing energy policies including stringent permitting process requirements in the gas and oil industries. They also believe the new administration will focus on output, rather than pursuing a global low-carbon energy plan. On the other hand, abundant supplies of crude oil in the global marketplace has prompted pump prices to drop for 10 consecutive days. Crude oil is averaging between $42 and $44 a barrel today.

AAA’s weekly survey of prices in the Nutmeg State’s four regional areas as follows:

  • Greater Bridgeport/Stamford $2.42
  • New Haven/Meriden $2.29
  • Greater Hartford $2.29
  • New London/Norwich $2.31
  • Statewide average $2.32

Today, Missouri and Oklahoma are the two states with the lowest average gas prices both at $1.88 a gallon. Hawaii continues to lead the pack with highest prices in the nation at $2.90, followed by California at $2.76.

AAA Northeast is a not-for-profit auto club with 62 offices in Rhode Island, Massachusetts, Connecticut and New Jersey providing more than 6 million local AAA members with travel, insurance, finance, and auto-related services

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