What's fueling Connecticut's gas price plummet?
Gas prices in Connecticut have fallen almost 50 cents in four weeks. As of Thursday, the average price for a gallon of regular was $4.15 according to AAA.
Supply economics and consumer behavior both appear to be playing a role in the price plummet.
At the end of July, the U.S. Energy Information Administration reported that the domestic gas supply increased while demand dropped.
AAA said fears of an economic slowdown are also beginning to take a toll, with drivers changing their habits because of June’s record prices.
Early last month, AAA released a survey of Connecticut drivers and found that almost 70% altered their daily behavior to save money.
AAA spokesperson Tracy Noble said of those drivers that 40% reported “consolidating trips or running fewer errands” and that more than 55% were limiting their driving “in any way that they can.”
Noble said AAA was also surprised to find only about half of the 621 survey respondents said they still commute to work.
Normally gas prices in the fall are cheaper because winter blend fuels hit the market and the summer travel season ends.
But Noble said “it’s going to be interesting to see this year, when people have curbed their driving so much over the summer, what happens with the fall.”
Drivers in Fairfield County pay the highest prices in the state.
The average price there for a gallon of gas costs about 25 cents more than in Hartford, Litchfield and Middlesex counties.
Noble said Fairfield County borders New York counties, where prices remain over $4.45 a gallon.