HYANNIS – Recent record-high gas prices are seeing a slight dip, dropping by 9 cents from last week.
That puts the average price of a gallon of gas at $4.26 – 72 cents higher than a month ago— according to AAA Northeast.
Compared to the national average, Massachusetts’s average gas price is one cent higher.
The number is still close to the national new-record average of $4.33.
AAA attributes the decline to the lower global price of crude oil, which saw a significant rise shortly after the Russian invasion of Ukraine.
Crude oil prices have since dropped $20 lower and are currently hovering around $105 per barrel.
“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Mary Maguire, Director of Public/Government Affairs in a statement.
“But demand was down slightly last week, likely due in part to higher pump prices. As geopolitical tensions continue unabated, we can expect to see more volatility in oil prices, leading to significant fluctuations in the rise of gasoline and diesel in the near-term.”
The prices are a far cry from last year’s average cost around the same time of $2.88.
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