HYANNIS – AAA Northeast reports that gas prices are down two cents in Massachusetts from last week as the region experiences a cold snap, with prices currently sitting at an average of $3.00 per gallon.
Despite the steady pace from week to week entering the new year, AAA says that prices may soon rise because of surges in demand for home heating as bitter cold conditions across the United States have led to a hard freeze in the nation’s oil-producing Southwest for the first time since 2022.
Should crude oil prices rise in response, it may put upward pressure on gasoline prices, though high inventories – particularly in the Northeast – could insulate regional residents from significant hikes.
“If it weren’t for cratering demand and swelling inventories, gasoline prices could be on the upswing thanks to the impacts of severe cold,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast. “Oil and gas markets are watching for potential disruptions to production and supplies in southern areas of the United States unaccustomed to prolonged land freezes.”
The in-state average per gallon is six cents lower than the national average of $3.06 per gallon while regional neighbors Rhode Island and Connecticut have averages of $2.93 and $3.02, respectively.
About Matthew Tomlinson
