The price for a barrel of crude climbed about 3% by the end of last week to around $70 a barrel on reports that the U.S. might impose additional sanctions on Russian petroleum exports. Oil prices were also under pressure after a fresh round of attacks by Houthi rebels in the Red Sea, a main shipping route for oil cargos from the Middle East.
However, gasoline prices were unaffected as last week’s demand fell below seasonal expectations, according to the Energy Information Administration. For the week ending July 4, total demand was 9.15 million barrels a day, which is low for what is typically one of the biggest weeks of the year for demand. In 2021, for example, demand reached an all-time high of more than 10 million barrels a day.
On the supply front, inventories of gasoline and oil continued to grow amid strong domestic production. Domestic stockpiles of oil climbed by 7.1 million barrels — one of the largest weekly builds of the year. And regional gasoline stocks climbed for a third straight week to settle at 62.79 million barrels, significantly above this time last year and the five-year average.
“A rise in oil prices typically puts pressure on gasoline prices, but weaker-than-expected demand for the week leading up to the Fourth of July and sizable inventories of both oil and gas are tempering price action at the pump,” said Jillian Young, director of public relations for AAA Northeast. “Pump prices are now almost 50 cents cheaper than they were at this time last year.”
AAA Northeast’s July 14 survey of fuel prices found the national average up a penny from last week ($3.14), averaging $3.15 per gallon. The national average price was 2 cents higher than a month ago ($3.13) and 37 cents lower than this day last year ($3.52).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.13 | $3.15 | $3.08 | $3.60 |
| New Jersey | $3.08 | $3.11 | $3.04 | $3.49 |
| New York | $3.17 | $3.18 | $3.10 | $3.62 |
| Massachusetts | $3.06 | $3.06 | $2.99 | $3.51 |
| Rhode Island | $3.03 | $3.02 | $2.97 | $3.47 |
*Prices as of July 14, 2025
As of July 14, Mississippi and Oklahoma had the lowest prices in the nation at $2.70 and $2.75, respectively.California and Hawaii held the highest prices in the nation at $4.52 and $4.46, respectively.
The AAA Gas Prices website is your resource for up-to-date fuel price information. Search for average gas prices on national, state and metro levels by regular, plus, premium and diesel.
