Strong Supply, Soft Demand, Keep Wilton Area Gas Prices Stable

WILTON, CT — Ample supplies, steady production, soft demand and growing concerns about a slowing economy have kept area prices for a gallon of regular unleaded in a vise over the past week, according to a report released Monday from AAA Northeast.

In Wilton, the best price for a gallon of regular fuel is $3.05 at the CITGO at 386 Danbury Road, the Shell at 210 Danbury Road, and the Gulf at 287 Danbury Road. The update was posted Wednesday morning by shopping app GasBuddy.

According to the Energy Information Administration, demand for gasoline fell to 8.23 million barrels a day last week – a drop of 338,000 barrels a day from the prior week – likely due to the return of severe cold to much of the U.S. Colder temperatures throttle demand as people skip driving excursions and stay home.

In the Northeast, despite a drawdown of about 200,000 barrels last week, gasoline supplies are ahead of last year by 2 million barrels, the EIA reported.

AAA Northeast’s Feb. 24 survey of fuel prices found the average for a gallon of regular in Connecticut is unchanged from last week, averaging $3.08. Monday’s price was a penny lower than a month ago ($3.09) and 19 cents lower than this day last year ($3.27).

The current national average is down 2 cents from last week ($3.16), averaging $3.14 per gallon. Monday’s average was a penny higher than a month ago ($3.13) and 12 cents lower than the same day last year ($3.26).

On Monday, Mississippi and Texas had the lowest prices in the nation at $2.66 and $2.73, respectively. California and Hawaii hold the highest prices in the nation this week at $4.84 and $4.55, respectively. Connecticut holds the 16th place on the list of highest gas prices in the nation.

“Domestic refiners are beginning to face the potential for an oversupply of winter blended fuel, and that’s helping keep prices in check as we enter the waning weeks of winter,” said Lauren Fabrizi, spokesperson for AAA Northeast. “Eventually, prices will climb as the more expensive summer blend begins to appear on the market in the coming weeks.”

Average gas prices may be obtained here online daily.