Another Increase in Gas Prices This Week
Gas prices in Massachusetts shot up by 8 cents a gallon in the latest AAA survey.
The automobile association reported a $3.62 per gallon average in its weekly survey results, released Monday. That’s up 24 cents a gallon over the last month and 98 cents higher than this week last year.
AAA said crude oil prices spiked after Russia’s invasion of Ukraine, leading to higher prices at the pump.
“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” AAA’s Mary Maguire said in a statement. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”
In November, a day after AAA reported the average price of gas nudged up to $3.42 per gallon in Massachusetts, President Biden announced plans to release 50 million barrels of oil from strategic reserves and reiterated his support for a probe into possible illegal activity in the oil and gas markets. At the time, the White House called the moves “part of ongoing efforts to lower prices and address lack of supply around the world.”
