Fuel Report

Continued high gas prices are becoming a source of worry over economic growth based on the rough model that every extra quarter you pay at the pump sets economic growth back about 0.2 percent, according to the Boston Globe. Yet the Associated Press notes that even if higher gas prices give people less money to spend elsewhere, the market is still being affected by some improvement to the United States economy. The effect of increased exports from Libya and Saudi Arabia is being offset by continuing tensions with Iran, according to Reuters. President Obama in his weekly radio address called for Congress to stop subsidies to the oil and gas industry as part of a national goal of alternative energy development and energy independence, according to BusinessWeek.

Both the state and national average for a gallon of regular grade increased slightly over the weekend, according to ConnecticutGasPrices.com. The Connecticut average went up two cents to $4.01, while the national average rose a penny to $3.81. The cheapest reported station in the state as of Monday morning was a Costco in Enfield at $3.77.

The cheapest reported price in New London remains $3.95, available at the on Montauk Ave. and for cash at the on Broad Street. This is followed by $3.97 at the and stations on Williams Street. After this, you're most likely to pay $3.99 at the pumps in the Whaling City.

In Groton, prices also start at $3.95; this is available at the Cory's on Route 12. The next cheapest option is $3.98, available at the Hess on Route 12 and Sunoco on Shenecossett Road. Waterford's lowest price is $3.92 at the BJ's on Cross Road, and the other reported prices were the Mobil on Boston Post Road with $3.97 and Shell on the Hartford-New London Turnpike with $3.99.

For more information on gas prices and traffic conditions, visit our Traffic & Gas section.

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