The price for a barrel of domestic crude oil fell below $60 a barrel last week as markets reacted to easing geopolitical conflict in the Middle East. Prices were also under pressure from fears of heightened trading tensions between the United States and China, which could put a damper on global oil demand. When markets closed on Friday, Oct. 10, crude prices saw the largest single-day decline since May.
As crude prices fall, so does the cost of producing gasoline – and refiners continue to operate at a strong clip even as refinery maintenance season is underway, according to the latest data from the Energy Information Administration (EIA). Last week, U.S. refineries operated at 92.4% of capacity, which is significantly higher than the 86.7% utilization figure at this time last year.
The strong production is keeping a lid on gasoline prices despite a drawdown in domestic inventories of motor fuel and an uptick in demand, according to the EIA. Total gasoline supplies fell by 1.6 million barrels last week as demand rose 400,000 barrels a day to 8.9 million barrels a day – a healthy figure for an October week, but 734,000 barrels a day below the comparable week in 2024.
“Cheaper oil plus near-record U.S. oil production is helping to move gasoline prices lower,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Oil and gas markets are now looking ahead to the potential for a global surplus of oil as OPEC and member countries pledge to ramp up production through winter.”
AAA Northeast’s Oct. 16 survey of fuel prices found the current national average down 6 cents from last week ($3.11), averaging $3.05 per gallon. Today’s national average price is 13 cents lower than a month ago ($3.18) and 15 cents lower than this day last year ($3.20).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Massachusetts | $3.02 | $3.05 | $3.12 | $3.07 |
| Rhode Island | $2.96 | $3.01 | $3.15 | $3.00 |
| Connecticut | $3.07 | $3.10 | $3.21 | $3.09 |
| New Jersey | $2.99 | $3.02 | $3.13 | $2.98 |
| New York | $3.14 | $3.16 | $3.24 | $3.24 |
*Prices as of Oct. 16, 2025
As of Oct. 16, Oklahoma and Mississippi have the lowest prices in the nation at $2.57 and $2.64, respectively. California and Hawaii hold the highest prices in the nation this week at $4.64 and $4.48 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.
