Turbulent Weather, Politics, Could Send Gas Prices Higher In Danbury
Personal Finance
Turbulent Weather, Politics, Could Send Gas Prices Higher In Danbury The average price of gasoline in the Northeast is creeping closer to $3, but weather and geopolitical conflicts could change all that.DANBURY, CT — The average price of gasoline in the Northeast is creeping closer to $3, but a confluence of international and domestic developments relating to the economy, the weather and escalating geopolitical conflicts could slow the pace of price declines in the short term.
A patch of turbulent weather in the Atlantic is threatening the Gulf Coast, which could see a hurricane make landfall later this week. That, in turn, could lead to disruption in domestic oil and gas markets, according to Lauren Fabrizi, spokesperson for AAA Northeast.
Meanwhile, fighting escalated over the past week in the Middle East and markets have reacted by pricing oil higher. And the first interest rate cut since March 2020 by the Federal Reserve last week could boost economic activity, in turn causing a spike in demand.
In Connecticut, a gallon of self-service regular is averaging $3.13, down six cents from a week ago and down 30 cents from a month ago. The national average is $3.20, unchanged from last week and down 17 cents from last month.
In Danbury, the best price for a gallon of regular fuel is $2.82 at BJ's Wholesale at 106 Federal Road . At The RoadRunners Danbury Gas Station at 282 White Street the price is $2.85. You'll pay $2.89 at the CITGO at 64 Newtown Road , the Gulf at 300 White Street , the CITGO at 90 West Street , the Sunoco at 38 North Street , and the Global station at 11o Newtown Road . The update was posted Monday morning by shopping app GasBuddy .
"The overall trend points to gasoline prices continuing their decline through autumn," Fabrizi said. "But the pace of declines could slow over the next few weeks as hurricane season continues and markets react to global economic news and the latest headlines from geopolitical hotspots."
Here's AAA's weekly price survey of Connecticut's six metro regions:
On Monday, Mississippi and Oklahoma had the lowest prices in the nation at $2.70 and $2.75, respectively. California and Hawaii hold the highest prices in the nation this week, at $4.74 and $4.61, respectively. Connecticut holds the 22nd place on the list of highest gas prices in the nation. Average gas prices may be obtained daily through gasprices.aaa.com .
