Last week, crude prices fell to their lowest levels since the late-February start of the war between the United States and Iran. Domestic crude fell below $70 a barrel and Brent crude settled just under $72 a barrel by the end of trading on Friday.
Falling oil prices have helped push prices for gasoline and other refined products lower, even as market participants monitor the fragile ceasefire and increasingly low domestic inventories of crude oil.
Total domestic supplies of crude oil fell by 15.1 million barrels last week to 743.3 million and now sit at their lowest level since 1984, according to the Energy Information Administration (EIA). Crude inventories have now fallen for 11 straight weeks as U.S. producers keep production high to meet steady domestic demand and exceptionally strong foreign demand spurred by the closure of the critical Strait of Hormuz. U.S. crude exports have averaged nearly 5 million barrels a day for the past four weeks, nearly 1 million barrels a day higher than the same period last year.
While strong domestic refinery output can constrain crude supplies, it also boosts gasoline stockpiles and can ease pressure on pump prices: U.S. inventories of gasoline rose by 2.1 million barrels last week to reach 216.29 million barrels, according to the EIA. But inventories are still 9.5 million barrels below year-ago levels and about 5% below the five-year average.
“Gasoline prices continue to steadily decline — just in time for the more than 61 million travelers forecasted by AAA to take road trips over the July Fourth holiday period,” said Jillian Young, director of public relations for AAA Northeast. “While sharply lower than their mid-May highs, pump prices are still notably higher than this time last year.”
AAA’s June 29 survey of fuel prices found the national average is down 6 cents from last week ($3.92), averaging $3.86 per gallon. The June 29 national average price was 53 cents lower than a month ago ($4.39) and 68 cents higher than last year ($3.18).
As of June 29, Indiana and Texas had the lowest prices in the nation at $3.21 and $3.29, respectively. Hawaii and California had the highest prices in the nation at $5.49 and $5.45, respectively.
| Region | Current Price* | One Week Ago | One Month Ago | One Year Ago |
| Connecticut | $3.95 | $4.06 | $4.57 | $3.18 |
| Massachusetts | $3.94 | $4.05 | $4.43 | $3.08 |
| New Jersey | $3.86 | $3.97 | $4.43 | $3.17 |
| New York | $4.11 | $4.23 | $4.56 | $3.21 |
| Rhode Island | $3.80 | $3.91 | $4.36 | $3.06 |
Gas Prices by State Over Time
*Prices as of June 29, 2026
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 July 2, 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.
