Gas prices in Massachusetts, the country, rise once again

WASHINGTON, D.C. (May 2, 2022)—According to a statement from AAA, pump prices rose again over the past week due primarily to the high cost of crude oil. Fear of a global energy supply disruption due to Russia’s invasion of Ukraine outweighs the demand concerns prompted by the impact of COVID-19 on China’s economy. The cost of a barrel of crude continues to hover around $100. With the oil price accounting for about 60% of pump prices, the national average for a gallon of regular is now $4.19, an increase of seven cents since Monday, April 25.

“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” said Andrew Gross, AAA spokesperson. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

“According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 1.6 million bbl to 230.8 million bbl last week. Gasoline demand decreased slightly from 8.87 million b/d to 8.74 million b/d. Although lower gas demand would typically push pump prices lower, the fluctuating oil price and tight gasoline supply have pushed pump prices higher. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.”

Today’s national average for a gallon of gas is $4.19, which is a penny less than a month ago, but $1.29 more than a year ago.

Massachusetts average gas prices are currently $4.21, 8 cents higher than a week ago, and about the same as a month ago.

The nation’s top 10 largest weekly increases according to AAA: Delaware (+22 cents), Maryland (+21 cents), Ohio (+19 cents), Pennsylvania (+15 cents), Washington, D.C. (+14 cents), Connecticut (+13 cents), Vermont (+13 cents), Indiana (+12 cents), New Jersey (+12 cents) and North Carolina (+12 cents).

The nation’s top 10 least expensive markets according to AAA: Georgia ($3.72), Missouri ($3.77), Kansas ($3.78), Arkansas ($3.79), Mississippi ($3.80), Oklahoma ($3.80), Kentucky ($3.82), South Carolina ($3.85), Alabama ($3.85) and Texas ($3.86).