Last week, crude oil prices rose about $3 in response to the announcement of more U.S. sanctions against Russian petroleum products, which could significantly hamper supplies of Russian oil exports to China and India. The sanctions, announced by the U.S. Department of Treasury on Friday, are directed at two leading Russian oil companies and more than 180 sea vessels believed to be part of a shadow fleet of tankers used by Russia to circumvent existing sanctions.
Gasoline prices tend to climb alongside the cost of crude oil, but increases in pump prices are being tempered by seasonally low demand for gasoline and growing domestic inventories. Last week, refiners added 6.4 million barrels of gasoline to domestic stocks, of which 2.8 million barrels landed in the Northeast, according to the Energy Information Administration. Regional supplies are now roughly 500,000 barrels higher than this time last year.
“The rise in oil prices heightens the odds of pump prices following suit,” said Jillian Young, director of public relations for AAA Northeast. “Oil prices climbing nearly $10 a barrel over the past 30 days is starting to have a significant impact on petroleum markets, especially since gasoline prices typically start to gradually climb in the first quarter ahead of spring.”
AAA Northeast’s Jan. 13 survey of fuel prices found the current national average unchanged from last week, $3.06 a gallon. The national average price as of Jan. 13 is four cents higher than a month ago ($3.02) and a penny lower than Jan. 13, 2024 ($3.07).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.03 | $3.02 | $3.04 | $3.15 |
| Massachusetts | $3 | $3 | $3.02 | $3.14 |
| New Jersey | $2.99 | $2.97 | $2.92 | $3.04 |
| New York | $3.13 | $3.12 | $3.14 | $3.28 |
| Rhode Island | $2.94 | $2.93 | $2.95 | $3.04 |
*Prices as of Jan. 13, 2025
Oklahoma and Mississippi have the lowest prices in the nation at $2.58 and $2.61, respectively. Hawaii and California hold the highest prices in the nation this week at $4.52 and $4.38, respectively.
The AAA Gas Prices website is your resource for up-to-date fuel price information. Search for average gas prices by regular, plus, premium and diesel on national and state levels, as well as metro areas.
