Last week, petroleum prices moved lower and retail gasoline prices stabilized slightly after reports that negotiations to end the 10-week-old conflict would resume through the weekend. Crude oil prices settled about $6 lower by the end of trading on Friday as markets weighed the chances of a peace deal and the potential resumption of oil and gas shipments through the blockaded Strait of Hormuz.
But market optimism faded as the week began without an agreement that would bring an immediate end to the war. Crude prices climbed roughly 3% in early Asian trading on Monday and will likely remain volatile as uncertainty becomes the focus for oil and gas markets.
Domestically, gasoline prices are facing increasing pressure from tightening supplies ahead of the busy summer travel season, which is set to begin with record-breaking travel volume over the upcoming Memorial Day holiday. Gasoline stocks fell last week for the 12th straight week, declining by 2.5 million barrels, according to the Energy Information Administration (EIA). Inventories are now 2.6% lower than the same time last year and 3.4% lower than the five-year average. And despite gasoline prices reaching four-year highs, demand continues to remain strong for the season, settling at 8.8 million barrels a day. That’s a decrease of about 300,000 barrels over the prior week, but still higher than last year by about 1.1%, according to the EIA.
“Pump prices remain under pressure from tightening domestic supplies and higher oil costs caused by the ongoing war with Iran,” said Jillian Young, director of public relations for AAA Northeast. “Even with higher prices, demand figures show that Americans’ appetite for travel remains undeterred — for now.”
AAA’s May 11 survey of fuel prices found the national average up 7 cents from the prior week ($4.45), averaging $4.52 per gallon. The May 11 national average price was 39 cents higher than a month ago ($4.13) and $1.39 higher than last year ($3.13).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $4.61 | $4.52 | $4.09 | $3.06 |
| Massachusetts | $4.46 | $4.35 | $3.97 | $2.97 |
| New Jersey | $4.52 | $4.53 | $4.05 | $2.98 |
| New York | $4.58 | $4.46 | $4.13 | $3.09 |
| Rhode Island | $4.47 | $4.39 | $3.99 | $2.95 |
*Prices as of May 11, 2026
As of May 11, Oklahoma and Mississippi had the lowest prices in the nation at $3.94 and $3.98, respectively. California and Washington had the highest prices in the nation this week at $6.15 and $5.76, 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 May 11, 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.
