Worcester County gasoline prices remain low despite Memorial Day weekend surge
Photo I Courtesy of State House News Service
Massachusetts gas prices have remained unchanged this past week, despite a surge in demand for gas over Memorial Day Weekend that would normally prompt a price increase.
Massachusetts gasoline prices have remained unchanged this past week, despite a surge in demand for gas over Memorial Day weekend normally prompting a price increase.
Worcester County gas prices averaged $2.994 per gallon as of Thursday, the sixth-cheapest gas prices in the state, following Bristol, Hampden, Essex, Hampshire, and Norfolk counties. Middlesex County is the ninth-cheapest gas in the state, averaging at $3.034 per gallon, $1.287 lower than the current highest gas price in the state in Nantucket County, according to the travel association AAA Northeast.
The week prior to Memorial Day, beginning on May 19, the national demand for gasoline reached 9.45 million barrels a day, a 9% increase over the week, according to the U.S. Energy Information Administration. This is the highest demand since 2018.
Massachusetts gas prices have cost customers an average of $3.00 per gallon of regular unleaded gasoline for the past week, a price that has consistently remained lower than the national average, which is roughly $3.14 per gallon.
A strong demand for gas, such as the one seen the week of May 19, generally would create a strong demand for gas products and tighten inventories, which would lead to increased prices. However, oil prices remain lower than market expectations for crude production worldwide, especially from the OPEC+, according to AAA Northeast. The Organization of Petroleum Exporting Countries is set to surge production for its third straight month, increasing by 400,000 barrels a day. However, uncertainties surrounding global demand and trade could push prices higher.
Lucy Coran is an editorial intern for Worcester Business Journal and a rising sophomore at Smith College.
WBJ Web Partners
Most Recent
Most Recent
0 Comments