National Average Surged 16 Cents
The average gas price in Massachusetts is up ten cents from last week ($3.57) as of July 31st, averaging $3.67 per gallon. This price is 12 cents higher than a month ago ($3.55), and .90 cents lower than July 31, 2022 ($4.47). Overall, Massachusetts’ average gas price is eight cents lower than the national average.
The national average for a gallon of gas awoke from a months-long slumber, surging 16 cents since last week to $3.75. The primary cause appears to be the price of oil, which has marched nearly $4 higher in the past few days to pass $80 per barrel. As oil accounts for almost 50 percent of the cost of a gallon of gas, higher oil prices usually mean higher pump prices.
“Gas demand, meaning people fueling up, remains tepid. It’s lower now than at this time last year and in 2021,” said Mary Maguire, AAA Northeast’s Vice President of Public and Government Affairs. “But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”
AAA Northeast’s July 31 survey of fuel prices found the current national average to be 16 cents higher than last week ($3.59), averaging $3.75 a gallon. Today’s national average price is .21 cents higher than a month ago ($3.54), and is .47 cents lower than this day last year ($4.22).
