gas prices

Gas Prices Continue to Drop, Demand at Nearly 30-Year-Low

NBC Bay Area

The demand for gasoline is down to a nearly 30-year low at a time when people are staying at home because of the COVID-19 pandemic and gasoline prices continue to drop, according to AAA Allied Group in Greater Hartford.

A website that tracks traffic says it is down more than 50 percent.

As traffic drops, so do gas prices. The national gas price average is $1.92, which is a drop of nine cents since last Monday, 48 cents since last month and 81 cents since last year.

The average price of gas Monday in Connecticut is $2.08 and AAA Allied Group said the average price for gas in Connecticut could drop below $2 per gallon within a week or so, for the first time since March 2016.

With people told to stay home to help stop the spread of the virus, AAA Allied Group said the gasoline demand is registering at its lowest point since 1993 and it’s likely to get lower as long while driving remains limited.

“This week, market analysts are watching crude oil prices, which started to increase at the end of last week,” Amy Parmenter, spokesperson for AAA in Greater Hartford, said in a statement. “However, given the low demand readings, increases in crude aren’t likely to have an impact on gas prices in the near-term.”

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