Week after week, Bay State drivers hold paying greater than ever earlier than to refill their tanks as gasoline costs proceed to remain at once-unimaginable ranges.
The Massachusetts common for a gallon of normal gasoline has surged to a record-high $5.04, which is up from $4.96 final week and $4.47 a month in the past. Prices have jumped a whopping 71% from this time final 12 months, when gasoline price $2.94 per gallon.
The nationwide common is now $5.01 — an all-time excessive by no means seen since AAA started amassing pricing knowledge in 2000.
“This is the new normal for now at least,” Mark Schieldrop of AAA Northeast advised the Herald on Monday. “I don’t know if we’re going to see costs this excessive for very lengthy, however just a few weeks at the very least.
“It seems like we’re in a collision course with time,” he added, predicting that gasoline demand will drop due to the excessive costs. “It doesn’t seem conceivable that consumers aren’t already cutting back. We’re getting reports of gas stations seeing people cutting back and buying less gas.”
The price of a barrel of oil is over $120, almost double final August’s value, as elevated oil demand outpaces the tight world provide. The Russian invasion of Ukraine led to skyrocketing gasoline costs, with the U.S. and different international locations banning Russian oil.
While the common for gasoline in Massachusetts is $5.04, the common price in Suffolk County is now as much as $5.18. Prices on Martha’s Vineyard are even above $6, averaging $6.04 a gallon — and costs on Nantucket are shut behind at $5.89 a gallon.
Source: www.bostonherald.com”