November 27, 2018

AAA: December could bring lowest gas prices of year

Courtesy | State House News Service
Gas prices in Massachusetts could drop even further once oil refineries come back online.

As oil prices tumble, Massachusetts drivers could get an early present in the form of cheaper prices for gas before they fill up the tank for holiday travel.

The latest AAA survey of local gas prices found the average price for self-serve, regular unleaded gasoline is $2.69 per gallon, down two cents from last week but still 21 cents more expensive than a year ago and 13 cents higher than the national average.

"Trends are indicating that the month of December may bring some of the cheapest gas prices of the year," Jeanette Casselano, AAA spokesperson, said.

Contributing to the lower gas prices is the dropping value of a barrel of oil -- the price for a barrel has fallen roughly 30 percent in the last seven weeks, AAA Northeast said, and has hit $57 per barrel, the lowest price point in more than a year.

But AAA warned that the Organization of Petroleum Exporting Countries is planning to meet Dec. 6 and is expected to curtail oil production by about 1 million barrels per day "which could cause crude prices to rise due to reduced global supply, in turn causing gas prices to turn higher in America."

AAA's survey of Massachusetts gas prices found a range of 65 cents in gas prices, from a low of $2.44 per gallon to a high of $3.09 per gallon.

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