Gas Prices are Down Slightly in Massachusetts But That May Not Last

We went from a spike in prices at the pump in Massachusetts to a point where things stayed fairly level for a while to a current slight dip in prices. There is reason to worry however that the slight ease in cost might not last.

State price is down a couple of cents, but still higher than the national average...

Massachusetts’s average gas price is down 2 cents from last week. It was $3.42 per gallon then and is now averaging $3.40 per gallon. AAA Northeast says that today’s price is the same as a month ago, and $1.30 higher than at this time in 2020 when it was $2.10 per gallon on average. Massachusetts’s average gas price is 5 cents higher than the national average.

What made the price drop?

Pump prices fell as fears of a possible COVID-19 global economic slowdown pushed oil prices into the mid $60s per barrel—a price not seen since August. Also helping to ease upward pricing pressure was the decision by OPEC and its oil-producing allies not to cut production.

Here's where there is potential for prices to reverse course...

Consumers may be catching a break at the pump right now, but it's not for a very good reason... A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low. ~ Mary Maguire, Director of Public/Government Affairs

 

What are we paying in the Berkshires?

The AAA website lists the average prices in the metro areas of all states, including Massachusetts. You can see the list HERE. Pittsfield is the one local city that is listed. According to AAA, the average Pittsfield price for regular gas is $3.41 per gallon. Mid-grade gasoline is currently at $3.70 per gallon, and if you put premium gas in your tank in Pittsfield, you will be paying nearly $3.93 per gallon.