Regional supplies of gasoline rose by 3.5 million barrels last week as cold, wintry weather kept a lid on gasoline demand, which isn’t unusual at this time of year. Supplies now stand at 700,000 barrels above the five-year average and 2.2 million barrels higher than the comparable week last year.
The price of crude oil, which accounts for more than half the cost to produce gasoline, fell last week by about 3% after President Donald Trump’s 10% tariff on Canadian oil imports was delayed by 30 days.
While supply and demand help keep prices in check in the snowy Northeast, early signs of spring are popping up in petroleum markets. Mere weeks remain before U.S. refiners begin to transition to production of summer-blended fuel, which is more expensive to produce than the gasoline served to motorists in the winter. The higher costs are beginning to appear in futures markets, with prices for March delivery of gasoline climbing last week by about 2.5%.
“Petroleum markets are in the midst of the winter doldrums as Americans drive less than any other time of year,” said Jillian Young, director of public relations for AAA Northeast. “Production has held steady all winter, which is keeping supplies up and prices down — for now.”
AAA Northeast’s Feb. 10 survey of fuel prices found the current national average up 4 cents from last week ($3.09), averaging $3.13 gallon. Today’s national average price is 7 cents higher than a month ago ($3.06) and 5 cents lower than this day last year ($3.18).
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.08 | $3.08 | $3.03 | $3.22 |
| Massachusetts | $3.03 | $3.02 | $3 | $3.16 |
| New Jersey | $3.04 | $3.06 | $2.98 | $3.12 |
| New York | $3.17 | $3.16 | $3.13 | $3.27 |
| Rhode Island | $3 | $3 | $2.94 | $3.10 |
*Prices as of Feb. 10, 2025
As of Feb. 10, Mississippi and Texas had the lowest prices in the nation at $2.67 and $2.70, respectively. California and Hawaii had the highest prices in the nation at $4.62 and $4.54, 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.
