Americans are finding gas prices have started their seasonal climb as retailers switch over to summer fuel blends which cost slightly more for consumers. A gallon of gas was $3.45 on average nationwide, according to AAA gas price data. Stacker compiled statistics on gas prices in Connecticut, where the average price of gas rose 7 cents over the previous week. Gas prices are as of March 8.
Overall, however, experts don’t see any factors that could push the price per gallon higher than it got in 2022 when prices hit record levels due to the Russian invasion of Ukraine.
Since oil prices can be an indicator of a looming recession, data firm DataTrek said it sees stable prices and little likelihood of a recession. The only recession where oil prices didn’t double in the year prior was the COVID recession of 2020, according to the firm.
“Lower energy prices are an underappreciated counterweight to the manifold arguments for an upcoming U.S./global recession,” DataTrek co-founder Nicholas Colas wrote in a memo this week.
– Gas current price: $3.31
– Week change: +$0.07 (+2.3%)
– Year change: -$1.05 (-24.1%)
– Historical expensive gas price: $4.98 (6/14/22)
– Diesel current price: $4.67
– Week change: -$0.05 (-1.0%)
– Year change: -$0.26 (-5.3%)
– Historical expensive diesel price: $6.44 (5/18/22)
Metros with most expensive gas in Connecticut
#1. Bridgeport: $3.36
#2. Windham: $3.35
#3. Lower Fairfield County: $3.32
#4. New London-Norwich (CT only): $3.30
#5. New Haven-Meriden: $3.29
#6. Hartford: $3.28
States with the most expensive gas
#1. California: $4.92
#2. Hawaii: $4.86
#3. Nevada: $4.34
States with the least expensive gas
#1. Mississippi: $2.99
#2. Texas: $3.02
#3. Missouri: $3.04