Gas prices in Massachusetts jumped seven cents a gallon higher over the past week, according to AAA.
The average gas price is $3.34 per gallon, which is 4 cents higher than a month ago and 78 cents lower than this time last year.
“OPEC’s announcement that it will cut production by over a million barrels per day took the oil market by surprise,” AAA reported. “In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark.”
High prices for gas and goods and services have been keeping pressure on household and business budgets, leading the Federal Reserve to raise interest rates in an attempt to slow inflation. Efforts to reduce the Massachusetts gas tax faltered last year on Beacon Hill, where legislative leaders are contemplating a new run at tax relief this spring.
