Remember after we had been surprised that fuel costs had eclipsed $4 a gallon? Those had been the times.
The unimaginable ache on the pump is anticipated to hit a brand new degree of sticker shock this week as the common fuel value in Massachusetts approaches $5 per gallon. Meanwhile, State House leaders on Monday reiterated that they received’t droop the fuel tax amid these staggering record-high costs.
In Suffolk County, the common for a daily gallon of fuel is now a whopping $5.08, in line with AAA Northeast.
“It’s a tough situation for sure,” stated Mark Schieldrop of AAA Northeast. “We might attain a mean of $5 a gallon this week in Massachusetts, and it simply doesn’t seem to be these costs are sustainable.
“These are definitely unprecedented times,” he added.
Prices on the pump have skyrocketed following the Russian invasion of Ukraine. The $4.96 a gallon is $2.03 larger than one 12 months in the past when fuel was $2.93 a gallon.
The present common is 66 cents larger than a month in the past ($4.30), and 23 cents greater than final week ($4.73). The Bay State’s common is 10 cents larger than the nationwide common ($4.86).
The value of a barrel of oil is nearing $120, practically double from final August, as elevated oil demand outpaces the tight world provide. There have been main provide considerations after the U.S. and European nations banned Russian oil.
“We are very interested in numbers later this week about demand, and whether the high gas prices are causing behavioral changes,” Schieldrop stated. “Anecdotally, we’re listening to that conduct is altering.
“We’re hearing that people are not filling their tanks completely, and are buying less gas,” he added. “If consumers are cutting back on fuel, then we should start to see prices cool off a little bit.”
Other states have suspended their fuel taxes due to the surging fuel costs, however Massachusetts State House leaders have continued to reject calls to freeze the tax.
Senate President Karen Spilka on Monday famous that Connecticut’s fuel costs are just like the Bay State’s after our southern neighbor suspended the fuel tax. The common in Connecticut is now $4.89.
“There’s nothing that we can do to mandate that if we decrease or suspend the gas tax that it actually goes into the pockets of those at the pump,” Spilka advised reporters. “Because the oil companies can keep that gas tax and not pass it on to individuals purchasing gas. So we are looking at other forms of assistance in tax relief for working families.”
House Speaker Ronald Mariano additionally stated that aid from suspending the fuel tax — based mostly on what has occurred in Connecticut — has “proven to be … a myth.”
Source: www.bostonherald.com”