Massachusetts gas prices drop for 16th consecutive week according to AAA; OPEC likely cutting oil production

Westwood, MA, October 3, 2022 — According to AAA, the average gas price in Massachusetts is down 8 cents from last week ($3.57), averaging $3.49 per gallon. Today’s price is 46 cents lower than a month ago ($3.95), and 39 cents higher than October 3, 2021 ($3.10). Massachusetts’ average gas price is 30 cents lower than the national average.

“The regional differences in gas prices are stark at the moment, with prices here in the East still falling, prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas,” said Mary Maguire, AAA Northeast Vice President of Public and Government Affairs. “At least six California refineries are undergoing maintenance, and there is limited pipeline supply to the West Coast from locations east of the Rockies. Reports have emerged that the Organization of the Petroleum Exporting Countries (OPEC) and its allies—including Russia—known as OPEC+ intend to announce collective oil production cuts at their next meeting on October 5 in Vienna. If OPEC+ reduces production, crude prices could rise this week.”

AAA Northeast’s October 3 survey of fuel prices found the current national average to be 7 cents higher than last week ($3.72), averaging $3.79 a gallon. Today’s national average price is the same as a month ago, and 60 cents higher than this day last year ($3.19).