At least the elevated gasoline costs didn’t spike any larger over Memorial Day weekend.
The plateau within the final week comes after pump costs had been rising at a speedy price each week. The Bay State’s common gasoline worth for normal stays on the record-high degree of $4.73 per gallon.
The worth is 54 cents larger than a month in the past ($4.19), and $1.81 larger than final May 31 ($2.92). Pump costs skyrocketed following Russia’s invasion of Ukraine. Massachusetts’ common gasoline worth is 11 cents larger than the nationwide common.
“Prices didn’t go up over last week, so we can try to see a positive in that they’re not going up at the moment,” mentioned Mark Schieldrop of AAA Northeast. “We’re still looking at really high prices, however.”
A drop in gasoline demand helped result in the secure costs on the pump, as demand was decrease than anticipated forward of the busy Memorial Day weekend. That’s an indication that drivers are reducing again due to the record-high costs.
Two out of each three drivers (67%) not too long ago surveyed by AAA mentioned they might change their driving habits if gasoline hit $4.50 a gallon. That quantity rises to 75% at $5 a gallon — a excessive worth that has been seen at gasoline stations across the Boston space in current weeks.
“Demand is the one thing that could change things,” Schieldrop mentioned. “It will take us a couple of weeks to see if individuals are beginning to change their conduct or not with these excessive costs.
“People are talking about these high prices everywhere you go,” he added. “It’s definitely taking a toll on the consumer.”
While decrease demand might assist drive down costs, crude oil isn’t heading in a pleasant course. Crude oil has moved above $115 a barrel due to fears of additional international provide constraints brought on by a European Union ban on Russian oil exports.
“If oil eases a bit back down to $100 a barrel, then expect prices to tick down,” Schieldrop mentioned. “Not below $4 a gallon, but hopefully we get close to that.”
Gas costs in a typical yr begin to go down after Memorial Day weekend — a seasonal development that brings some hope.
“We should see price decreases over the next few weeks,” Schieldrop mentioned. “We’re still at the record high, but hopefully the tide can start going back in a bit soon.”
While the Bay State common gasoline common is $4.73, the typical by county is: Suffolk County, $4.89; Middlesex County, $4.80; Norfolk County, $4.77; Essex County, $4.76; Worcester County, $4.69; Plymouth County, $4.68; and Bristol County, $4.66.
The common worth for Barnstable County on the Cape is $4.77, whereas costs have shot up on the Islands: Gas prices $5.73 on Martha’s Vineyard and $5.68 on Nantucket.
Source: www.bostonherald.com”