Gas prices in the U.S. are lower than they have been in five months.
As is typical of this time of year, the gas prices have been sliding, meaning gas prices are almost at $3 per gallon in Massachusetts.
“Cheaper oil plus near-record U.S. oil production is helping to move gasoline prices lower,” Mark Schieldrop, senior spokesperson for AAA Northeast, said in a written statement this week. “Oil and gas markets are now looking ahead to the potential for a global surplus of oil as OPEC and member countries pledge to ramp up production through winter.”
Here’s what to know about gas prices in the Bay State and beyond.
What is the average price of gas in Massachusetts?
AAA Northeast explained that the average gas price in Massachusetts is down 2 cents from last week ($3.05), currently averaging $3.03 per gallon.
“Today’s price is 9 cents lower than a month ago ($3.12) and 4 cents lower than this day last year ($3.07),” AAA Northeast stated in a release. “Massachusetts’ average gas price is 4 cents lower than the national average.”
How do Massachusetts’ gas prices compare to other states in the country?
While the prices are slightly below the national average, Massachusetts still isn’t a cheap place to buy gas. AAA Northeast stated that Massachusetts “holds 19th place on the list of highest gas prices in the nation.”
The passage went on to state that Oklahoma and Mississippi currently have the “lowest prices in the nation at $2.57 and $2.65, respectively. California and Hawaii hold the highest prices in the nation this week at $4.65 and $4.48 respectively.”
In nearby states, Rhode Island and Vermont are both under $3 a gallon for the state average.
Gas prices in Massachusetts are lower than they have been since late spring, according to AAA Northeast.
Why are gas prices falling?
The price for a barrel of domestic crude oil fell below $60 a barrel last week as markets reacted to easing geopolitical conflict in the Middle East, AAA Northeast stated in a release.
“As crude prices fall, so does the cost of producing gasoline,” AAA Northeast noted.
Prices are also under pressure from fears of heightened trading tensions between the United States and China, which could put a damper on global oil demand, according to the agency.
This article originally appeared on Telegram & Gazette: Gas prices hit 5-month low in Massachusetts, almost $3 a gallon
