Some fortunate drivers within the Bay State at the moment are stopping at fuel stations promoting common for lower than $4 a gallon, as pump costs maintain falling throughout the area.
Massachusetts’ common fuel value on Monday was down 11 cents from final week, now averaging $4.52 per gallon.
It’s the third straight week that common fuel costs have dropped 11 cents week over week, as costs have come considerably down from the record-high common of $5.04 a gallon in mid-June.
“We are now seeing some gas stations with prices below $4 a gallon,” AAA Northeast’s Mark Schieldrop instructed the Herald on Monday. “Right now, costs are on the decline and that’s definitely excellent news.
“It seems like we’re going to keep heading in this direction for awhile,” he added.
Gas costs had skyrocketed following the Russian invasion of Ukraine. Many international locations together with the U.S. banned oil from Russia after the invasion.
Now, the regular decline in costs is essentially on account of low home demand for gasoline and oil costs that stay within the mid-$90s per barrel. Inventories have been rising as effectively.
“We’re seeing demand continue to be the main driving force of lower gas prices,” Schieldrop stated, noting that it was the third lowest week of demand in July since 2000.
There are persevering with indicators of an financial slowdown coming, which might assist slash fuel costs an increasing number of.
“If the economy slows down, it would certainly lead to prices going lower,” Schieldrop stated. “People are thinking about saving and being more careful with spending, so we don’t see much in the short-term to cause a surge in demand.”
A $4 common for Massachusetts by the top of the summer season is “not outside the realm of possibility,” he stated.
“We could get down to $4 in a month,” Schieldrop added.
The common in Suffolk County is now $4.71, whereas the common on Nantucket is $5.83 and the common on Martha’s Vineyard is $5.51.
The most cost-effective fuel within the state is in western Massachusetts, the place Hampden County’s common is now right down to $4.27. Franklin County’s common is now $4.34, and the common in Hampshire County is $4.35.
Source: www.bostonherald.com”