While prices are following typical seasonal trends for now, global market reactions to the Trump administration’s tariffs announced last week could potentially slow the seasonal price climb as crude oil prices fall.
By the close of markets on Friday, crude oil prices had fallen roughly $10 a barrel, reaching levels not seen in four years as markets reacted to the tariff announcement on Thursday. Along with concerns that the tariffs could quash gasoline demand amid economic fallout, the collapse in the price of crude was accelerated by the surprise announcement by OPEC+ that they’d increase production next month by more than 500,000 barrels a day — 411,000 barrels a day more than expected. Already, many market watchers believe global crude production is outpacing demand; and the news of even more oil reaching markets puts additional significant downward pressure on oil prices.
Here in the Northeast, inventories of gasoline fell by 1.3 million barrels last week as retailers push winter blend out and summer blend into their storage tanks. But, supplies are still 6 million barrels higher than last year, and 2 million barrels above the five-year average, according to the Energy Information Administration (EIA). In a typical year, supplies could tighten alongside seasonal demand increases, but national demand figures indicate Americans aren’t following the script: The EIA reported demand fell 150,000 barrels a day last week to 8.49 million barrels a day. That’s more than 800,000 barrels a day lower than the comparable week of 2024.
“After market routs last week, wholesale prices for summer blended gasoline are now equivalent to winter blend prices seen in February,” said Jillian Young, director of public relations for AAA Northeast. “If markets continue to sag, it could lead to cheaper gasoline prices, but it will take some time for the lower crude and wholesale gasoline prices to reach retail pumps.”
AAA Northeast’s April 7 survey of fuel prices found the current national average up 9 cents from last week ($3.16), averaging $3.25 gallon. Today’s national average price is 15 cents higher than a month ago ($3.10) and 34 cents lower than this day last year ($3.59).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.09 | $3.04 | $3.04 | $3.45 |
| Massachusetts | $2.99 | $2.97 | $3.00 | $3.32 |
| New Jersey | $3.06 | $2.96 | $2.97 | $3.31 |
| New York | $3.13 | $3.11 | $3.14 | $3.46 |
| Rhode Island | $3 | $2.95 | $2.96 | $3.33 |
*Prices as of April 7, 2025
As of April 7, Mississippi and Oklahoma had the lowest prices in the nation, at $2.75 and $2.78, respectively. California and Hawaii held the highest prices in the nation at $4.95 and $4.49, 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.
