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Massachusetts gas prices drop for 5th consecutive week according to AAA
Westwood, MA, July 18, 2022 — According to AAA, Massachusetts’ average gas price is down 11 cents from last week ($4.74), averaging $4.63 per gallon. Today’s price is 38 cents lower than a month ago ($5.01), and $1.61 higher than July 18, 2021 ($3.02). Massachusetts’s average gas price is 11 cents higher than the national average.
The steady decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is in the mid-$90s, down from around $110 two weeks ago.
“Global economic news is pushing oil prices lower and less expensive oil leads to lower pump prices,” said Mary Maguire, AAA Northeast Director of Public and Government Affairs. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”
AAA Northeast’s July 18 survey of fuel prices found the current national average to be 15 cents lower than last week ($4.67), averaging $4.52 a gallon. Today’s national average price is 46 cents lower than a month ago ($4.98), and $1.36 higher than this day last year ($3.16).
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Ken Masson
July 19, 2022 at 9:38 am
Funny how supply and demand works with international commodities.
For the people that don’t pay attention to the news oil producers shut down refineries during the pandemic when demand was low and as the demand came up they never put them all back on line causing shortages, higher prices and bigger profits.
Now for the Keystone pipeline, it’s been working for years now! The Keystone XL Pipeline that was going to bring VERY poisonous tar sands oil to the coast to transport to refineries overseas that can utilize that oil. We don’t have refineries that can refine that oil in this country and that oil is never meant for this country. Also there’s 10,000 federal oil leases that are not being utilized. Why drill for something when there’s enough world wide and it’s going to lower profits? And that doesn’t count the private leases that the government doesn’t control.
Now the only way a president can lower prices can get Congress to nationalize the oil companies like Venezuela did or have Congress vote in price controls. That would be considered socialist and right wingers wouldn’t be okay with that. Then there’s the windfall profits tax that Congress was trying to pass. That could have lowered gas prices.
But keep on blaming the president! It’s sad how people don’t understand economics and commodities. That and many think the president is a dictator that can just demand change. What we really have is uncontrolled capitalism.
MortisMaximus
July 19, 2022 at 2:21 pm
https://www.breitbart.com/clips/2022/07/19/biden-energy-adviser-hochstein-we-need-to-limit-oil-production-to-accelerate-the-transition/
SheriffJohnBrown
July 20, 2022 at 9:30 pm
https://www.thegatewaypundit.com/2022/07/biden-climate-advisor-says-joe-biden-will-move-forward-every-power-available-get-rid-fossil-fuels-video/