REVERE, Mass. — You may have noticed the prices at the pump are creeping up in Massachusetts. Just within the last week, prices have jumped by double digits.
The biggest reason we’ve seen prices at the pump go up recently is because of the switch over to the summer blend, according to AAA.
As the prices at the pump are going up, drivers are digging deeper into their pockets.
“I try to find the cheapest gas prices these days, it generally, has to do with price, versus convenience, I don’t go way out of my way for it but I do what I need to do,” said Josh Barrows of Wilmington.
However, the jump at the pump is nothing new. It happens around this time every year. And there is a bit of optimism on the horizon that these prices could go back down soon.
Right now, the average price for a gallon of regular unleaded gas here in Massachusetts is up 19 cents over the last week — averaging $3.56 a gallon. It’s up 27 cents from a month ago.
Of course, prices vary depending on where you are.
The recent increase AAA says is due to the switch over to the summer blend, but some factors could help bring that down: there is usually a lull in demand following April vacation and Memorial Day, more supply of oil and gas — which in turn leads to falling oil prices.
“Supplies are good, demand is not super strong so when we look at that that indicates we may have reached a ceiling so we might see prices go up and down as we get closer to the summer driving season,” said Schieldrop.
Schieldrop says gas prices tend to peak in mid-June, and there’s a chance gas could stay below $4 a gallon—unless hurricanes or global conflicts affect supply.
“But right now, things seem pretty stable and I wouldn’t expect prices to get too, too much higher than they are right now,” he said.
AAA says oil prices fell sharply last week following the latest developments in the Middle East and slowing demand in China, the world’s largest oil importer.
If you want to compare things to where they were at this time last year, it’s not that far off. Drivers were paying on average $3.48 a gallon, just eight cents cheaper.
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