Northeast Pump Prices Jump 30 Cents Over the Past Week 

Crude oil and refined product prices climbed sharply last week, reaching multi-year highs after the U.S. initiated a blockade of the Strait of Hormuz. Domestically produced West Texas Intermediate ended the week $7.54 higher, and Brent crude rose $2.84 as markets digested the latest updates on the potential future peace talks and the eventual reopening of the strait. Before the war, anywhere from 125 to 140 oil tankers passed through the straight. Between  
May 1 and 3, just seven completed the passage, according to the Hormuz Strait Monitor. 

As higher oil prices continue to pressure the pump, tightening domestic stockpiles of crude and gasoline are adding fuel to the fire. Last week, the Energy Information Administration (EIA) reported that U.S. gasoline inventories fell by 6.1 million barrels — the 11^th straight weekly decline — and now stand 2% below the five-year average and 1.4% below year-ago levels. Crude inventories also fell, declining by 6.2 million barrels as exports surged to a record 6.43 million barrels a day — an increase of 1.64 million barrels a day week over week. That’s 809,000 barrels a day higher than the previous record set in February 2023 and a clear sign of increasing demand for U.S. product from countries severely impacted by the supply clampdown in the Middle East.  

Despite surging gasoline prices, Americans are consuming more gasoline than they did last spring. Demand reached 9.1 million barrels a day last week, an increase of 49,000 barrels a day over the prior week, according to the EIA. Over the past four weeks, demand has averaged 103,000 barrels a day higher than the comparable weeks of 2025. 

“All the factors that drive the cost of gasoline have been heading toward higher prices,” said Jillian Young, director of public relations for AAA Northeast. “Along with higher oil prices, gasoline demand has held strong and U.S. exports are shattering records, leading to tighter inventories. Oil and gas markets will remain volatile amid ongoing uncertainty about a potential end to the war and resumption of vessel traffic through the Strait of Hormuz.” 

AAA’s May 4 survey of fuel prices found the national average up 34 cents from last week ($4.11), averaging $4.45 per gallon. The May 4 national average price was 35 cents higher than a month ago ($4.10) and $1.29 higher than last year ($3.16). 

*Prices as of May 4, 2026 

As of May 4, Georgia and Oklahoma had the lowest prices in the nation at $3.85 and $3.88, respectively. California and Washington had the highest prices in the nation at $6.11 and $5.67, 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.  

Jillian Young

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.