HYANNIS – AAA Northeast reported Tuesday that oil prices fell to their lowest levels since June, leading to a 5-cent drop in average prices at the pump as the busiest week of holiday travel approaches.
Prices in Massachusetts as of Tuesday, December 12, were $3.31 per gallon, a 15-cent drop from last month and almost a quarter lower than prices at this time in 2022.
With oil prices close to their yearly low and wholesale gasoline prices approaching a two-year low, AAA officials expressed optimism toward pricing outlooks for energy in the coming weeks, when AAA expects a near-record surge in holiday travel.
“As domestic oil refiners continue to ramp up production of winter fuels, gasoline supply has been exceeding demand, sending pump prices lower,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast.
“Prices typically reach a seasonal bottom this time of year,” he said. “With ample supply here in the Northeast, there’s room for prices to edge lower through December.”
Despite the price drop, gas prices in Massachusetts remain higher than the national average, with 23 states experiencing average prices below $3 per gallon of regular unleaded gas.
The $3.31 statewide average is one cent and eight cents higher, respectively than regional neighbors Connecticut and Rhode Island.
About Matthew Tomlinson
