Northeast gas prices are rising as oil refineries across the country are pumping the brakes on gasoline production for planned and unplanned downtime.
Nationwide, refinery utilization—a measure of how much crude oil refineries are processing—reached the lowest level in more than a year, according to the Energy Information Administration. That led to a major build in crude inventories and a decline in the robust reserves of winter blend fuel that have been keeping a lid on prices since the start of the new year.
The average gas price in Massachusetts is 2 cents higher than last week ($3.16), averaging $3.18 per gallon. Today’s price is 6 cents higher than a month ago ($3.12), and 17 cents lower than Feb. 19, 2023 ($3.35). Massachusetts’s average gas price is nine cents lower than the national average.
“A few weeks ago, refiners were concerned about weak demand and a potential oversupply of winter blend gasoline as we approached the spring, but those fears are quickly dissipating,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast. “Gas prices are likely to increase as more refineries undergo seasonal maintenance, especially with ongoing tensions in the Middle East putting upward pressure on oil prices.”
AAA Northeast’s Feb. 19 survey of fuel prices found the current national average to be 8 cents higher than last week ($3.19), averaging $3.27 a gallon. Today’s national average price is 19 cents higher than a month ago ($3.08), and 14 cents lower than this day last year ($3.41).
