Fuel Report

Oil prices have decreased as United States supplies remain sufficient as the European Union and other nations cut back on Iranian imports, but there are also considerations about releasing some emergency stockpiles, according to BusinessWeek. CNN reports that the United States and European Union are set to tighten sanctions on Iran this summer as part of a standoff over the country's nuclear program. On the home front, the big news is a unanimous vote this week by both chambers of the Connecticut General Assembly to pass legislation establishing a cap on the state's gross receipts tax; this would reduce gas prices by an average of 1.7 cents a gallon, according to the Hartford Courant, and Gov. Dannel Malloy announced Friday he will approve it. Also this week, CBS News reports that the U.S. Senate voted 51-47 against President Obama's proposal to repeal tax subsidies to oil companies.

Since Monday, the national average for a gallon of regular grade gasoline has climbed four cents to $3.90 while the state average has gone up two cents to $4.07, according to ConnecticutGasPrices.com. The cheapest reported station in Connecticut as of Friday afternoon was still the Costco in Enfield, with a price of $3.85.

In New London, the cheapest price available has gone up to $3.99, available for cash payments at on Broad Street. The next lowest prices is $4.03 at the , , and on Williams Street as well as the on Broad Street. The on Montauk Ave. is selling for $4.05.

In Groton, prices also start at $3.99 with the Valero on Poquonnock Road. This is followed by the Cory's on Route 12 with $4.03 and the Citgo on Gold Star Highway with $4.05 for cash payments. Waterford prices start with $3.98 at the BJ's on Cross Road and are followed by $4.05 at the Bestway and $4.06 at the Sunoco, each on Boston Post Road.

For more information on gas prices and traffic conditions, check out our Commute section.

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