Northeast pump prices keep surging above seasonal records as global petroleum markets face deepening disruption from the war with Iran. Prices for regular unleaded across the Northeast have soared since mid-August and are now at the highest ever for this time of year and close to yearly highs reached in May, not long after the war began. Regional diesel prices, which have risen even more sharply than gasoline prices, are either at record levels or approaching highs set in 2022. The average gas price in New York City is up 10 cents from last week, averaging $4.57 per gallon. Today’s price is 41 cents higher than a month ago and $1.29 higher than this day last year. New Jersey averages $4.42, the same as a week ago, but $1.29 higher than a year ago. Connecticut’s average is six cents higher than a week ago at $4.50 per gallon. A year ago Connecticut averaged $3.18 per gallon. AAA Northeast’s Sept. 21 survey of fuel prices found the current national average is up 16 cents from last week, averaging $4.47 per gallon. Today’s national average price is 37 cents higher than a month ago and $1.29 higher than this day last year. The continued rise in gas prices is driven in large part by higher oil prices, which settled above $100 a barrel for a second week in a row by the time trading stopped on Friday. Prices did start to ease slightly on Friday and continued to fall about 3% over the weekend following reports that oil flows out of the Middle East were higher than anticipated in recent days. Markets also reacted to indications that a key Saudi Arabian pipeline that was damaged in attacks earlier this month might not be sidelined for as long as initially feared. Tighter inventories have been another factor putting upward pressure on pump prices, though the latest data from the Energy Information Administration (EIA) showed some slight improvement to domestic stockpiles. The EIA last week reported that gasoline inventories climbed by 800,000 barrels to reach 207.7 million barrels, but they still remain 5% below the five-year average. Diesel inventories grew by 1.6 million barrels to 107.9 million barrels but remain 13% below the five-year average and especially constrained in New England where supplies are 27% below last year and 42% lower than levels seen in 2024. Despite rising fuel costs, domestic demand for gasoline climbed by 247,000 barrels a day to 8.79 million barrels a day, according to the EIA. Over the past four weeks, demand has averaged about 1% lower than during the same period last year. “Pump prices have been under increasing pressure as the war approaches its seventh month with few signs for an end to the conflict and resolution of global oil supply concerns,” said Robert Sinclair, Jr. of AAA Northeast. “Instead, ongoing attacks across the region and continued supply disruptions are keeping markets volatile.” Today, Texas and Mississippi have the lowest prices in the nation at $3.94 and $3.96, respectively. California and Washington hold the highest prices in the nation this week at $6.16 and $5.56, respectively. Diesel in California is the most expensive in the nation at $8.42 per gallon, 27 cents per gallon more than a week ago. 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. AAA Northeast is a not-for-profit auto club with offices in Rhode Island, Massachusetts, Connecticut, New Jersey, New Hampshire and New York, providing more than 6.9 million local AAA members with travel, insurance, financial and auto-related services.
News from AAA: National average gas price is up 16 cents from last week
