The monthslong slide in fuel costs has come to an finish, as Bay State drivers begin to discover pump costs going up at their neighborhood fuel station.
Gas costs in Massachusetts ticked up 7 cents on common over the past week, which is the primary time costs have elevated in a number of weeks. The common price for a daily gallon of fuel is now $3.56, based on AAA Northeast on Monday.
After mid-June — when fuel costs hit a report excessive of $5.04 a gallon — the common value within the Bay State dropped by greater than $1.50 a gallon over a four-month stretch. But now pump costs are beginning to rise once more.
“That great run we had has come to an end,” AAA Northeast’s Mark Schieldrop mentioned of the lowering fuel costs. “We’ll see if we hover the place we’re at, and hopefully we don’t see any main will increase.
“I see us in this kind of plateau phase, where we don’t see prices falling very much,” he added. “We won’t see prices like in the summer around $5, but we could see anywhere between a 25-cent to 40-cent range where we could bounce up and down.”
Prices within the final week have began going up as a result of home oil inventories are low and OPEC introduced that it’s slashing oil manufacturing by 2 million barrels a day. Also, Russia’s invasion of Ukraine has introduced uncertainty to the oil market.
Oil costs at the moment are at their highest stage in 5 weeks.
“But the concerns about the economy, and the feds hiking interest rates, should help keep a lid on oil prices for the time being,” Schieldrop mentioned.
The nation’s common fuel value has climbed to $3.91 per gallon — 35 cents larger than the $3.56 common in Massachusetts. The nationwide common is being skewed by very excessive costs on the West Coast, together with a whopping $6.33 per gallon in California.
“Here on the East Coast, we’re much better when it comes to inventories, so we’re in decent shape but we’re still at historic lows,” Schieldrop mentioned.
The most cost-effective fuel within the Bay State is now in Bristol County, the place the common for a daily gallon is $3.42. The second most cost-effective fuel county is now Franklin County, coming in at $3.45 a gallon.
Suffolk County’s common is now $3.72 a gallon, whereas Middlesex County’s common is $3.63 per gallon and Norfolk County’s common is $3.61 a gallon. Neighboring Plymouth County’s common is decrease at $3.49 per gallon.
Source: www.bostonherald.com”