Gas Prices Expected to Drop with Saudi Oil Production Back Up
BOSTON — Gas prices in the Bay State are left unchanged while prices across the country are expected to start falling with Saudi Arabia getting much of its oil production back up and running.
Massachusetts gas prices are unchanged in the past week, averaging $2.56 per gallon on Monday
According to GasBuddy's daily survey of 2,830 stations, gas prices in Massachusetts are 4.5 cents per gallon lower than a month ago, yet stand 29.8 cents per gallon lower than at this time last year.
According to GasBuddy, the cheapest station in Massachusetts is priced at $2.25 per gallon while the most expensive is $3.55, a difference of $1.30 per gallon. The cheapest price in the entire country today stands at $1.89 per gallon while the most expensive is $6.24, a difference of $4.35 per gallon.
"Oil prices have cooled back off after Saudi Arabia brought a significant portion of oil production and processing back online, helping the national average to begin moving lower again, but don't tell California- who saw a massive spike of nearly 25 cents per gallon in the last week, fueled by refining issues there," said Patrick DeHaan, head of petroleum analysis for GasBuddy.
"While most of the country will likely see prices tip-toe lower as oil prices have moved lower, California will see prices move higher in the week ahead, with increases also possible in those areas that receive their gasoline from California- including Las Vegas. Prices in most of California were slightly higher earlier this year, but if they all rise by an additional 10-15 cents they may rival the highest level since 2014. Prices there will eventually start following the national average lower, but it may be several weeks before it becomes noticeable."
The national average price of gasoline has fallen 1.9 cents per gallon in the last week, averaging $2.64 on Monday. The national average is up seven cents per gallon from a month ago, yet stands 22.4 cents per gallon lower than a year ago.