Massachusetts Gas Prices Now At New Record High Of $4.24 A Gallon, AAA Says
BOSTON (CBS) – The average price for a gallon of gasoline in Massachusetts set a new record Tuesday, according to AAA. It's now $4.24. That's up 8 cents from the previous record set on Monday.
A week ago it was just $3.63 a gallon. That's a 61 cent a gallon increase in just seven days.
The highest gas prices in the state are on the Cape and the Islands. It's $5.08 a gallon on Nantucket.
The national average now stands at $4.17 a gallon. California has the highest average in the nation at $5.44 a gallon.
Prices have been rising rapidly since Russia invaded Ukraine last month. Russia is one of the top three oil producers in the world.
"I'm as puzzled as everybody else on why gasoline has risen so fast. I understand the underlying causes and the rise does not surprise me but I didn't expect it in three or four days," Boston University senior lecturer Jay Zagorsky told WBZ-TV.
President Biden announced a U.S. ban on Russian oil and gas imports Tuesday the latest response to the invasion.
Zagorsky said the ban may have two potential ripple effects on consumers and the economy, starting with inflation.
"Last month inflation was about seven and a half percent and oil prices, gasoline prices, they are a major part of the inflation basket. We're going to have both the immediate impact on the consumer and a longer term impact as businesses pass along their rising costs of transportation and production," he said.
AAA has several steps to help you save money at the pump – buy regular gas, slow down to be more fuel efficient, properly inflate your tires and drive less if possible. AAA also has an app to help you find the best prices in your area.
