Bay State drivers are shelling out more cash than ever earlier than to replenish their tanks, as motorists marvel when will they begin seeing the costs drop at their native fuel station.
It’s “the million dollar question” for fuel and driving watchdogs, who say the nation is in uncharted territory amid the Russian invasion of Ukraine.
The state’s common common fuel worth hit $4.16 per gallon on Monday, the best ever worth recorded by AAA in Massachusetts. Gas costs have shot up 54 cents in only one week, a weekly surge of 15%. The common worth on Nantucket was a staggering $4.96 per gallon on Monday.
The $4.16 per gallon state common shattered the earlier excessive report of $4.08 in 2008 — which in as we speak’s {dollars} could be greater than $5.
When requested how a lot greater costs will go and when shoppers can anticipate to see a downturn, AAA Northeast’s Mary Maguire stated that’s “the million dollar question” amid the unprecedented battle between Russia and Ukraine. Russia is without doubt one of the prime oil and pure fuel producers on the earth.
“We will see oil and gas prices rise before they settle back down,” Maguire stated. “They can nonetheless rise significantly. … I’m hoping the tempo of the upward acceleration of fuel costs will decelerate, however there’s no indication that can occur.
“Given the nature of the conflict and the fact it continues to escalate, it’s not good news for the gas market and consumers,” she added. “It’s concerning, and as many people head back to the office, they’re now coping with much higher prices at the pump. I feel for what people are going through.”
The Bay State’s common fuel worth on Monday was 10 cents greater than the nationwide common of $4.06. That’s 45 cents greater than final week.
“In my 14 years of reporting on and monitoring gasoline prices, I have never seen prices skyrocket as quickly as they did this past week,” Maguire stated. “It is so dramatic.”
GasBuddy’s Head of Petroleum Analysis Patrick De Haan estimated that the nationwide common will hit $4.25 by the top of the week. The fuel worth will increase seem like slowing down barely, he added.
“Now, that situation could change, but I think the biggest of increases based on what I know at this moment are maybe behind us,” he stated in a Monday replace on fuel costs, later warning, “We’re not in the clear. The situation could worsen.”
The Massachusetts Fiscal Alliance on Monday known as on State House lawmakers to quickly droop the $0.24 state fuel tax. A brief suspension of the tax would offer a 6% discount for drivers, and produce a gallon of gasoline again beneath $4 a gallon.
“Massachusetts State House politicians seem unaware of the economic suffering around them,” stated MassFiscal spokesman Paul Diego Craney. “Their failure to act, along with the Biden administration’s failed policies, are resulting in the highest gas prices Massachusetts motorists have ever paid at the pump.”
MassFiscal can also be urging members of Congress to push the Biden administration to permit will increase in home gasoline manufacturing.
Source: www.bostonherald.com”