Inventories of gasoline along the East Coast climbed by 900,000 barrels the week ending June 27, settling at 61.6 million barrels, according to data from the Energy Information Administration (EIA). That’s a four-year high for late June and nearly 5 million barrels more in storage than this time last year.
A sharp drop in gasoline demand also drove lower prices. Demand fell by a massive 1 million barrels a day to 8.64 million barrels a day, according to the EIA, which came as a surprise to some market participants. The sharp falloff in demand could be influenced in part by fuel retailers filling their tanks two weeks ago, ahead of expected July Fourth holiday price increases and deferring replenishing amid last week’s price declines. Markets will closely watch this week’s report from the agency to see how demand played out in the days leading up to July Fourth.
Oil prices, meanwhile, were relatively stable, between $65 to $68 a barrel, and could trend lower in the coming weeks as all signs point to more global supply. As U.S. production continues at a near-record clip, OPEC+ members agreed over the weekend to increase production in August by 548,000 barrels a day — 137,000 barrels a day more than expected.
“Historically, gasoline demand peaks for the year around the July Fourth holiday,” said Jillian Young, director of public relations for AAA Northeast. “Considering the dramatic swings in demand reported so far in June, more time is needed before the summer’s overall trend is clear. For now, pump prices sit more than 40 cents a gallon cheaper than this time last year, and the gap could widen unless market conditions take a dramatic turn.”
AAA Northeast’s July 7 survey of fuel prices found the current national average down 4 cents from last week ($3.18), averaging $3.14 per gallon. Today’s national average price was a penny higher than a month ago ($3.13) and 36 cents lower than this day last year ($3.50).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.15 | $3.17 | $3.08 | $3.59 |
| Massachusetts | $3.06 | $3.07 | $2.99 | $3.50 |
| New York | $3.18 | $3.21 | $3.10 | $.62 |
| Rhode Island | $3.02 | $3.06 | $2.97 | $3.47 |
*Prices as of July 7, 2025
As of July 7, Oklahoma and Mississippi had the lowest prices in the nation at $2.69 each. California and Hawaii held the highest prices in the nation at $4.56 and $4.47, 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.
