After peaking in mid-April, oil and gas prices have been on a steady decline for the past three weeks in anticipation of a ceasefire and the resumption of oil tanker traffic through the strait. The strait has been effectively closed since the start of the war in late February, resulting in massive disruption to global oil markets. After the peace deal was announced on Sunday, crude prices immediately fell nearly 4% in overnight trading to about $80 a barrel — a level last seen in early March, immediately after the war began. Domestically produced West Texas Intermediate (WTI) is now down about $30 a barrel from recent highs but still elevated compared with prewar levels: WTI sat at $66 a barrel on Feb. 27, one day before the war.
Strong U.S. refinery activity and continued high export demand continue to pressure crude supplies, which fell by 15.2 million barrels last week to reach their lowest level since October 2023, according to the Energy Information Administration (EIA). Domestic refiners operated at 95.3% of capacity — the highest weekly utilization rate since early January. They produced 9.72 million barrels of gasoline a day, an increase of 296,000 barrels a day from the prior week. The uptick in production helped boost gasoline supplies for a second straight week. They climbed by 200,000 barrels to 215.1 million barrels, according to the EIA. The build-in inventories came even as demand rose by an average of 137,000 barrels a day to 8.73 million barrels a day, and exports rose by 208,000 barrels a day to 1.14 million barrels a day.
“Drivers across the Northeast have seen slow and steady relief at the pump since mid-May and the potential for peace could bring even lower prices in the coming weeks,” said Jillian Young, director of public relations for AAA Northeast. “Markets will likely remain impacted for some time as supply routes gradually resume, facilities are repaired and global emergency reserves are refilled after being depleted during the war.”
AAA’s June 15 survey of fuel prices found the national average down 10 cents from the previous week ($4.16), averaging $4.06 per gallon. The June 15 national average price was 46 cents lower than the previous month ($4.52) and 93 cents higher than last year ($3.13).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $4.21 | $4.37 | $4.64 | $3.09 |
| Massachusetts | $4.17 | $4.29 | $4.48 | $2.99 |
| New Jersey | $4.10 | $4.24 | $4.51 | $3.05 |
| New York | $4.36 | $4.44 | $4.60 | $3.11 |
| Rhode Island | $4.05 | $4.18 | $4.48 | $2.97 |
*Prices as of June 15, 2026
As of June 15, Indiana and Texas had the lowest prices in the nation at $3.34 and $3.50, respectively. California and Hawaii had the highest prices in the nation at $5.74 and $5.56, 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 June 17, 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.
