Gas Prices Holding Steady Amid Economic Inflation

Courtesy of AAA

HYANNIS – Despite the emergence of the COVID-19 Omicron variant prompting sell offs on Wall Street on top of creeping economic inflation being felt worldwide, gas prices remained the same last week according to AAA.

AAA Northeast reported the trend, saying that current gas prices are at $3.42 on average, the same as the previous week but five cents higher than $3.37 one month ago.

The figure is $1.34 higher than the same time last year, which was $2.08. 

“It’s too soon to tell if fears of a global economic slowdown prompted by the Omicron variant will put downward pressure on oil prices for the long term,” said AAA Northeast Director of Public/Government Affairs Mary Maguire in a statement.

“But for now, the upward pricing pressure caused by tighter supply and higher demand seems to have abated, and that seems to be stabilizing prices at the pump.”

National fuel prices are also holding steady, 1 cent lower since last week, averaging $3.39 a gallon. 

About Grady Culhane

Grady Culhane is a Cape Cod native currently living in Eastham. He studied media communications at Cape Cod Community College and joined the News Center in 2019.
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