Connecticut Gasoline Price Average Follows Nationwide Trend

The average price of retail gasoline in Connecticut has decreased 3.5 cents a gallon last week, pushing the state’s recent average to $3.75 a gallon.

That average is close to the nationwide level that also shed 3.7 cents in the past week to the current gasoline price average of $3.39 a gallon, according to price trackers.

Together with the change in Connecticut’s gasoline prices last week, the current gasoline prices were higher by 20.9 cents a gallon compared to the same day last year and are lower by 11 cents a gallon versus the past month. The nationwide average has declined 11.3 cents a gallon during the past month and is 10 cents more versus the price of gasoline on this day last year.

The annual average for this year is practically guaranteed to reach an all-time high, according to a consensus estimate of petroleum analysts. With the continuous drop in the average gasoline price today, some experts have already made calculations of the possible average at the pump by the end of the year. The annual average for 2012 is expected to stand at $3.63 a gallon. Moreover, the nationwide average gasoline price today must stay at a maximum of $2.35 a gallon for the remaining days of this year for the annual average to fall below its level last year. However, that seems impossible to happen at this time.

Meanwhile, projections for the gasoline price at Christmas time has been lowered to within the range of $3.25 per gallon and $3.35 per gallon.

By: Chris Termeer

Chris Termeer

Chris Termeer is an oil and gas consultant, industry commentator and analyst. His book, Fundamentals of Investing in Oil and Gas provides a comprehensive overview of all aspects of the oil and gas industry, including exploration, drilling, production, storage, transportation and refining, to name but a few.

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