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June 24, 2024

Greater Worcester gasoline prices drop again

Photo | Timothy Doyle A gas pump in Whitinsville

Gasoline prices in the Greater Worcester metro area gas prices decreased again this week, along the Massachusetts average, although this downward current may not last for long.

In Greater Worcester, the average per gallon price of regular unleaded was $3.40 on Monday, reflecting a 2-cent decrease from June 17, an 11-cent drop from a month ago when the area’s average gas price was $3.51, and a 12-cent decrease from a year ago, according to a Monday press release from the travel association AAA Northeast.  

Greater Worcester’s average remains lower than the state average by 3 cents and 4 cents lower than the national average of $3.44 per gallon.

The lower prices are due to cheaper crude oil, decreased gasoline demand, and rising inventories of both, according to AAA. But the most recent data from the U.S. Energy Information Administration, a statistics and analysis government agency, points toward an end to reduced pricing as increased demand and lower inventory may soon be reflected in state and county averages. 

Last week, the nation used nearly 9.4 million barrels of fuel per day while regional supply dropped by 2.7 million barrels and the crude oil notching price has risen for the past three weeks.

“After benefiting from falling gas prices for weeks, drivers might see prices begin to stabilize as the summer driving season heats up, especially with record travel expected over the Independence Day holiday,” Mark Schieldrop, senior spokesperson for AAA Northeast, said in the release. “The combination of increasing demand, shrinking supply and higher oil costs could end the recent run of falling prices if markets continue to tighten.”

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