The price of a barrel of Brent crude oil settled at $103 when markets closed on Friday, with domestically produced West Texas Intermediate ending the day at $98 — the highest closing price for both benchmarks since July 2022.
As shipments of oil and gas cargos through the critical Strait of Hormuz remain stalled, markets are increasingly focused on the potential for supply shortages around the world. Measures announced last week by the U.S. and other western countries to address short-term supply woes failed to ease those fears in markets. On Wednesday, the International Energy Agency (IEA) authorized the release of 400 million barrels of crude from strategic reserves and on Thursday, the U.S. lifted sanctions on about 20 million barrels of seaborne Russian crude. Oil and refined product prices climbed in response as markets viewed those measures as signs of a longer, extended conflict.
Domestically, refinery activity increased last week as seasonal maintenance wraps up ahead of the summer driving season. According to the Energy Information Administration, U.S. refiners operated at 90.8% of capacity, up from 89.2% the prior week, and produced 9.62 million barrels a day of gasoline, up 500,000 barrels a day from the prior week. Gasoline demand, meanwhile, also rose to a solid 9.2 million barrels a day, an increase of a sizable 949,000 barrels a day, or 11% week-over-week. That’s the highest demand reading since mid-June and a likely sign of fuel retailers stocking up to get ahead of sharp price increases caused by the war with Iran.
“While lifting sanctions and releasing oil from strategic reserves might address some immediate supply shortages around the globe, many market participants view those moves as signs for concern,” said Jillian Young, director of public relations for AAA Northeast. “Additionally, while the 400 million barrels released by the IEA might sound like a large number, it represents just 20 days of pre-conflict output from the Strait of Hormuz.”
AAA’s March 16 survey of fuel prices found the national average up 24 cents from last week ($3.47), averaging $3.71 per gallon. The March 16 national average price was 79 cents higher than a month ago ($2.92) and 64 cents higher than last year ($3.07).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.64 | $3.36 | $2.89 | $3 |
| Massachusetts | $3.55 | $3.31 | $2.90 | $2.96 |
| New Jersey | $3.61 | $3.33 | $2.94 | $2.91 |
| New York | $3.61 | $3.39 | $2.99 | $3.11 |
| Rhode Island | $3.56 | $3.32 | $2.86 | $2.92 |
*Prices as of March 16, 2026
As of March 16, Kansas and North Dakota had the lowest prices in the nation at $3.14 and $3.20, respectively. California and Hawaii had the highest prices in the nation at $5.52 and $4.95, 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.
Last updated on March 16, 2026 by AAA Staff
Based in Rhode Island, Jillian Young is AAA Northeast’s director of public relations. She regularly appears in local TV, radio and print media to discuss traffic safety, travel, insurance and more.
