Massachusetts Gas Prices Rise Again To $3.40 Per Gallon On Average
BOSTON (CBS) -- Gas prices went up another two cents in Massachusetts over the past week. According to AAA, a gallon of gas in the state now averages $3.40.
That's just two cents lower than the national average of $3.42 per gallon.
The changing of the clocks could be a good thing for gas prices.
"Many people mourn the end of Daylight Saving Time, with its earlier sunsets," AAA's Mary Maguire said in a statement. "But when darkness falls earlier, demand for gasoline often drops as well, because people tend to head straight home from work rather than go out in the evening. And that falling demand often puts downward pressure on prices at the pump."
But Bank of America is predicting that crude oil prices could soar another 50% by next June. That's sparking concern that prices could eventually top $4.
U.S. Energy Sec. Jennifer Granholm said President Joe Biden is working to keep that from happening, but his control is limited.
"The president is all over this. Of course every president is frustrated because they can't control the price of gasoline, because it's a global market," she told CNN. "He can call upon increasing supply, which he has done and OPEC unfortunately is controlling the agenda with respect to oil prices."
Granholm warned that OPEC countries last decided against increasing supply, which will keep the prices high.
A gallon of gas in Massachusetts is currently 16 cents higher than a month ago and $1.31 higher than this time last year.