AAA: Gas prices remain stable in region

Yahoo

12-02-2025

The price for a gallon of regular unleaded gasoline across the Northeast is holding steady thanks to falling oil prices and a 12th straight week of rising gasoline inventories, according to the American Automobile Association.
According to an AAA news release, regional supplies of gasoline rose by 3.5 million barrels last week as cold, wintry weather kept gasoline demand down, which isn't unusual for 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," the release stated. Just weeks remain before U.S. refiners begin to transition to production of summer-blended fuel, which is more expensive to produce than the gasoline provided 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%, according to the release.
The average gas price in New York is up a penny from last week ($3.16), averaging $3.17 per gallon. The price is four cents higher than a month ago ($3.13) and 10 cents lower than a year ago ($3.27). New York's average gas price is four cents higher than the national average.
'Petroleum markets are in the midst of the winter doldrums as Americans drive less than any other time of year,' said Patti Artessa, director of public affairs outreach 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 four cents from last week ($3.09), averaging $3.13 gallon. The national average price is seven cents higher than a month ago ($3.06) and five cents lower than this time last year ($3.18).
Mississippi and Texas have the lowest prices in the nation at $2.67 and $2.70 respectively. California and Hawaii hold the highest prices in the nation this week at $4.62 and $4.54, respectively. New York holds the 13th place on the list of highest gas prices in the nation, according to the release.