Gas prices down 66 cents in a year in Massachusetts
BOSTON - If you haven't noticed lately, gas prices in Massachusetts are inching closer to the $3 mark and they've dropped significantly over the last year.
Massachusetts gas prices
The average price for a gallon of gasoline in Massachusetts is now $3.09, AAA reported Monday. That's down five cents in the last week and 25 cents in the last month.
To give you an idea of how far prices have fallen, on this day last year, the average was $3.75. That's a 66 cent drop.
Neighboring Rhode Island has already dipped below the $3 mark. The average price there was $2.98 Monday. In New Hampshire, it was $3.02.
"Sizable inventories and an expectation of weaker demand through the fall is keeping downward pressure on gas prices," AAA Northeast's Mark Schieldrop said in a statement Monday. "Even a sudden spike in demand isn't shaking the trend thanks to ample supplies."
Highest gas prices
The average price nationally held steady at $3.22 a gallon. California has the highest average at $4.69 a gallon. That's $1.60 more than Massachusetts. The all-time high in Massachusetts was $5.05 a gallon back on June 14, 2022.
Lowest gas prices
A total of 17 states are currently below the $3 mark. Mississippi has the lowest average price at $2.68 a gallon.
Gasoline analyst Patrick De Haan told CBS Philadelphia there are several reasons for the drop in prices. Americans are driving less now that the summer is over, so the demand for gas is down. He also noted that stations are also switching over to the cheaper, winter blends of gasoline and oil prices are down.