Massachusetts Gas Prices Down 6 Cents Following Biden's Oil Release Announcement, AAA Says
BOSTON (CBS) -- Massachusetts gas prices went down 6 cents in the past week following President Joe Biden's announcement that the United States will release one million barrels of oil per day to reduce the pain at the pump, AAA said Monday.
The average cost of a gallon of gas in the state is $4.18, the same as the national average.
AAA said Biden's call to release the oil from the Strategic Petroleum Reserve "helped send the global oil price tumbling." A new COVID surge in parts of the world is also contributing to the decrease.
"The upward push on oil prices caused by Russia's war in Ukraine is meeting stronger downward pressure from the planned SPR oil release and increased COVID fears in China," AAA Northeast's Mary Maguire said in a statement. "And lower global oil prices are reflected in falling pump prices for consumers in the U.S."
Biden estimated that his move would drop prices between a dime and 35 cents.
"My guess is we'll see it come down and continue to come down, but how far down, I don't think anyone can tell," he said last week.
Massachusetts gas prices are still 32 cents higher than a month ago and $1.44 more than this time last year.