Falling Demand And Market Uncertainty Keep Newtown Gas Prices In Check

NEWTOWN, CT — Lower oil prices, falling gasoline demand and market uncertainty as a new administration moves into the White House are keeping local gasoline prices locked down, according to analysts at AAA Northeast.

In Newtown, the best price for a gallon of regular fuel is $2.99 at the two CITGOs at 47 Church Hill Road and 67 Church Hill Road, and the Mobil at 62 Church Hill Road. The update was posted Tuesday by shopping app GasBuddy.

Last week, gasoline demand dipped to 8.08 million barrels a day — the lowest level in a year — as millions of Americans endured snow and bitter cold, particularly across the south, according to the Energy Information Administration.

Here in Connecticut, a gallon of self-service regular averaged $3.09 on Monday, up a penny from last week. That's seven cents higher than a month ago, and eight cents lower than Jan. 27 of last year.

The current national average is unchanged from last week, averaging $3.12 per gallon. Monday’s average was nine cents higher than a month ago and two cents higher than last year.

Oklahoma and Mississippi had the lowest prices in the nation at $2.67. Hawaii and California hold the highest prices in the nation this week at $4.54 and $4.45, respectively. Connecticut holds the 17th place on the list of highest gas prices in the nation.

The EIA last week reported a sizable drop in domestic refinery utilization — a measure of how much refining capacity is being utilized — from 91.6 percent to 85.9 percent, according to Lauren Fabrizi, spokesperson for AAA Northeast.

"Historically, pump prices are lower in the depths of winter as people drive less," Fabrizi said. "What’s unusual is for the snow and cold to have such an impact on demand in southern states."

Average gas prices may be obtained here online daily.