Gasoline prices across the Northeast are falling as the winter trend of less demand and more supply comes into focus, According to the AAA Northeast.
Long Island and New Jersey both average $2.97 per gallon, according to the AAA Gas Prices website, three and five cents lower than a week ago respectively.
New York City’s average has fallen three cents per gallon in the last week to $3.09. Connecticut is two cents lower at $3.05 per gallon. The national average is down a nickel to $2.95 per gallon, the first time below $3 per gallon since February of 2021, according to the AAA Gas Prices website.
Last week, gasoline demand fell to a softer-than-expected 8.3 million barrels a day, according to the Energy Information Administration.
That’s a decline of 400,000 barrels a day from the prior week and contributed to a sizable jump in inventories, which grew by 4.5 million barrels, the EIA reported.
“Ultimately, more supply and less demand is driving down pump prices,” said Robert Sinclair, Jr. of AAA Northeast.
Today, Oklahoma and Colorado have the lowest prices in the nation at $2.36 and $2.47, respectively.
California and Hawaii hold the highest prices in the nation this week at $4.46 and $4.44 respectively, according to AAA.