After initial spike with summer blend, Massachusetts gas prices continue to drop, here is why

Westwood, MA, June 3, 2024—Northeast gasoline prices keep shedding pennies as domestic refiners hit their summer stride.

Last week, gasoline output from U.S. refiners reached 10.019 million barrels a day — the highest level of 2024 so far, according to the Energy Information Administration (EIA). And gross inputs — a measure of how much crude oil and other components were refined into gasoline and other products — reached 17.37 million barrels a day, the highest levels since January 2020. All that production is helping to keep inventories robust and is easing the pressure on pump prices.

The average gas price in Massachusetts is down two cents over last week ($3.53), averaging $3.51 per gallon. Today’s price is nine cents lower than a month ago ($3.60) and a penny lower than June 3, 2023 ($3.52). Massachusetts’s average gas price is two cents lower than the national average.

“Ample supplies of gasoline and strong domestic production are key factors in recent price declines, buoyed by tepid demand so far this year,” said Mark Schieldrop, Senior Spokesperson, AAA Northeast. “Many petroleum market participants are eyeing the EIA’s release later this week of demand figures from the Memorial Day holiday for guidance. If production continues at its current clip, even spectacular demand over the holiday weekend might do little to move pump prices higher.”

AAA Northeast’s June 3 survey of fuel prices found the current national average down six cents from last week ($3.59), averaging $3.53 a gallon. Today’s national average price is 13 cents lower than a month ago ($3.66) and two cents lower than this day last year ($3.55).