Massachusetts gas prices continue decline into the new year; national average down after rare increase
Near record levels of holiday traffic didn’t stop gas prices from declining as the calendar turned to 2024 and millions of Americans hit the roads between Christmas and New Year’s Day.
Massachusetts gas prices continue to fall in the latest survey, with the average price down 3 cents a gallon from last week – the second consecutive week with the same decline. After the first increase since September, the national average also fell.
Drivers looking to fill up can expect to pay an average price of $3.20 gallon now, 17 cents lower than a month ago and 15 cents lower than a year ago, according to AAA Northeast.
Despite the continued decline, the Bay State’s average gas price is 10 cents higher than the national average of $3.10, a two-cent drop from last week’s $3.12, AAA Northeast figures show.
The trend is holding tight amid ongoing tensions in the vital Red Sea shipping corridor caused by militants attacking cargo ships, which has created upward pressure on oil prices. Crude oil prices spiked up sharply in the first trading session of 2024.
“Ample supply of gasoline is keeping a lid on prices and oil traders seem to be shrugging off the situation in the Red Sea for now,” Senior Spokesperson for AAA Northeast Mark Schieldrop said in a release. “Prices could remain lower for the time being since demand typically cools in January.”
Motorists can find the state’s cheapest gas prices in Hampden County which is averaging $3.01 per gallon. Bristol and Franklin counties are close behind at $3.04 and $3.05, respectively, AAA Northeast figures show.
Nationally, the average price per gallon is down 17.3 cents from a month ago and 12.6 cents lower than a year ago, according to GasBuddy data compiled from more than 12 million individual price reports covering over 150,000 gas stations across the country.
The states with the lowest average prices are Oklahoma ($2.59), Mississippi ($2.62), and Arkansas ($2.63). The states with the highest are California ($4.64), Hawaii ($4.55), and Washington ($4.05), GasBuddy figures show.
“After a brief hiatus, the national average has moved off its recent high, again falling closer to the $3 per gallon mark, setting up a potential second attempt at slipping below $2.99 for the first time since 2021,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “While gas prices have risen in some areas, such as California after refinery snags emerged, other states have returned to declines.”