Gas prices on the rise nationally, internationally

Today’s (Nov. 13) Connecticut’s average gas prices are two cents higher at $2.72 compared to last week. However, compared to last month, average prices are a penny lower.

Nationally, average prices continue to rise with a gallon of regular today averaging $2.56, up 3 cents compared to this time last week; Compared to last month, prices are 8 cents higher. The national average has increased 9 cents in the last two weeks.

Several issues are contributing to a volatile oil market internationally which impact global supply and demand:

  • The US continues to increase investments and oil production nationally which is diluting OPEC’s efforts to rebalance the global oil market.
  • Various internal tensions within Saudi Arabia, Lebanon, Iran and Bahrain are also contributing to a jittery market. Last week, an explosion in a Bahrain pipeline shut down operations, which officials link to Iran and classifies an act of terrorism.
  • A powerful earthquake hit the Irani-Iraqi border, killing 348 people. The true extent of damage at this time is not known.

AAA’s weekly survey of prices in Connecticut’s four regional areas as follows:

  • Greater Bridgeport/Stamford $2.79
  • New Haven/Meriden $2.69
  • Greater Hartford $2.70
  • New London/Norwich $2.69
  • Statewide average $2.72

Today, Alabama and Mississippi are the two states registering the lowest averages in the nation, at $2.26 and$2.72, respectively. California and Hawaii at $3.24 and $3.22, respectively, rank as the states with the highest averages. Connecticut hold moved down one spot to 11th place on the list of states with the highest gas price averages.

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