Gas prices down 63 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 $3.14, AAA reported Monday. That's down six cents in the last week and 24 cents in the last month.
To give you an idea of how far prices have fallen, on this day last year, the average was $3.77. That's a 63 cent drop.
Neighboring Rhode Island is even closer to dipping below the $3 mark. The average price there was $3.02 Monday. In New Hampshire, it was $3.06.
"The overall trend points to gasoline prices continuing their decline through autumn," AAA Northeast's Mark Schieldrop said in a statement Monday. "But the pace of declines could slow over the next few weeks as hurricane season continues and markets react to global economic news and the latest headlines from geopolitical hotspots."
Highest gas prices
The average price nationally held steady at $3.21 a gallon. California has the highest average at $4.74 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 16 states are currently below the $3 mark. Mississippi has the lowest average price at $2.70 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.