As expected, Connecticut’s average gas price today broke the $3 mark, well in advance of Memorial Day, according to a release from AAA Northeast.
Friday’s price is $3.01, 26 cents higher than last month; and 51 cents higher than this time last year, according to the release.
The last time the state’s average hit $3 was on Dec. 14, 2014. In that year, however, those prices were on the downslide following a high of $3.98 in early July of that year.
With Memorial Day – the unofficial kick-off to summer in two weeks – average prices nationally are $2.84 but are expected to rise several cents more before month’s end.
The U.S.’s recent decision to re-impose economic sanctions on Iran and withdraw from the 2015 Iran Nuclear Deal is bringing on a variety of global impacts, according to the release. In the U.S., one of the largest potential impacts may be increased crude oil prices, which is presently at $70 a barrel. This, in turn, will lead to increased gas prices later this summer because greater consumer demand is also driving prices up as we approach the summer drive season, AAA said in the release.
Of the 50 states, Connecticut has the 10th highest average price in the nation. Contributing to The Nutmeg State’s higher prices are gas taxes, strict environmental regulations, zone pricing where prices increase as shipping distances increase, and infrastructure/distribution limitations, according to the release.
In Connecticut, the highest recorded average price on record occurred on July 9, 2008, at $4.39.