The average price of gas across Connecticut has been holding within a penny or two since mid-May and remains at the same price today as it was on Memorial Day.

In its latest weekly report, the Energy Information Administration (EIA) released new gas demand data that shows demand dropped last week, while domestic supply increased. The demand decrease and supply increase has helped to stabilize pump prices and will likely help prices remain stable through the weekend and into summer. 

Today’s national gas price average is $3.04, unchanged from one week ago, 13 cents higher than one month ago and $1.05 more than one year ago.  

CURRENT AND PAST GAS PRICE AVERAGES
Regular Unleaded Gasoline (*indicates record high)

At the close of NYMEX trading Friday, West Texas Intermediate (WTI) crude oil settled at $69.62 per barrel, $3.30 higher than last Friday’s close. Crude prices have generally increased this week after the Organization of the Petroleum Exporting Countries (OPEC), and its allies including Russia, announced they still plan to gradually increase crude production in July. The move could help reduce pump prices later this summer, but the amount of the price reduction will depend on how well OPEC and its allies adhere to their agreement and if the additional production is not met with higher demand. OPEC and its allies will meet again on July 1 to review their production agreement.

The Weekend
“Gas prices have remained relatively flat since the middle of May,” says Amy Parmenter, spokesperson for AAA, Greater Hartford.  “As the summer driving season gets underway, demand for gasoline as well as the price of crude oil will determine the direction of prices at the pump.”

AAA has a variety of resources to help motorists save on fuel:

• Shell Fuel Rewards Program for AAA Members: (https://www.AAA.com/Shell) gives AAA members nationwide a discount on gasoline at Shell stations when they join the Fuel Rewards® program.
• Fuel Price Finder (https://www.AAA.com/fuelfinder) locates the lowest fuel price in your area.
• AAA Gas Cost Calculator (https://gasprices.aaa.com/aaa-gas-cost-calculator/) helps budget travel expenses.
• TripTik Mobile (https://www.aaa.com/mobile) plots fuel prices along your travel route.
• AAA's Member Rewards Visa® Credit Card  (https://www.AAA.com/financial/AAAvisa.htm) accumulates double points on fuel purchases.

AAA is the most comprehensive resource for gas prices. Unlike the Lundberg Survey of 7,000 gas stations, AAA reports reflect actual prices from credit card transactions at more than 100,000 gas stations in the U.S.