Local pump prices will be lower than last 4th of July weekend
Photo | Timothy Doyle
Gas station on Shrewsbury Street in Worcester
Central Massachusetts gasoline prices stayed put after a turbulent week for oil and gas markets. The week ended with lower crude oil prices and less pressure on the pumps.
With almost all crude oil price increases stemming from the Middle East tensions, the focus for commodity traders shifts to domestic supply and the early summer increase in gasoline demand. Despite this, supply remains strong, according to a Monday press release from AAA Northeast.
“Recent geopolitical events showcased the volatile nature of oil and gas markets, but right now, supply and demand are the primary factors impacting how much it costs to fill our tanks,” Jillian Young, director of public relations for AAA Northeast, said in the press release. “While regional pump prices are up slightly from a month ago, they remain more than 35 cents lower per gallon than this time last year — great news for those heading out for Fourth of July road trips.”
Worcester County gas prices increased slightly to $3.06 on Monday, up 3 cents from last week's $3.03 average; however, the county remains the fifth-cheapest gas in the state. The average price in Worcester County was $3.44 at this time last year.
Bristol County remains the cheapest gas in the state at $2.99, followed by Plymouth, Hampden, Hampshire, and then Worcester County.
Middlesex County saw a 4-cent increase from last week's average of $3.07, bringing this week's average to 11 cents on Monday. At $3.08, Massachusetts remains below the national average of $3.19.
Last week, gas prices averaged $3.22 nationally while Massachusetts averaged $3.10.
Gasoline demand rose by nearly 400,000 barrels per day, which may have added pressure to pump prices as it contributed to the 2.1 million barrel drop in national inventories. However, the Northeast saw an increase of 2 million barrels in gasoline stocks, allowing the region to be well supplied for the holiday weekend.
Lucy Coran is an editorial intern for Worcester Business Journal and a rising sophomore at Smith College.
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