Gas, home heating oil prices surge in Massachusetts: "It's just been jumping so rapidly"

From filling up at the gas pump or heating your home, rising oil prices are being felt across the Boston area.

Fear that the U.S. and Israel's war on Iran will drag on pushed benchmark oil prices above $100 a barrel for the first time since 2022 on Monday.

Gas prices in Massachusetts have skyrocketed 43 cents in just the last week, according to AAA.

Gas prices rise in Massachusetts

Last Tuesday, March 3, the average price for regular gasoline in Massachusetts was $2.98 a gallon.

Just seven days later, AAA Northeast said it's now $3.41 a gallon, a huge increase of 43 cents. In a typical week, gas prices fluctuate just a few cents up or down.

The national average Tuesday was $3.54 a gallon.

Gas prices are increasing costs for commuters and especially ride-share drivers who spend long hours on the road, including those working at Logan Airport.

For drivers like Ibrahim Khalil, the added cost is quickly adding up. "Sometimes we get a long ride," Khalil said, adding he fills his car at least once a day.

"[I have a] hybrid car but before it was like 30 bucks, right now it's $38, $40 to the fill the tank," he said.

Home heating oil prices surge

Home heating oil prices are surging as well.

"The wallet is getting tight on Americans right now," said Debbie Markarian, co-owner of Metro Energy in South Boston.

Metro Energy, a family-run business that has operated for nearly a century, has seen the ups and downs of the oil market over decades.

"We are not the type of company that will price gouge our customers," Markarian said. "We've been in business so long and we want to make sure it's a fair price for everybody."

Still, Markarian said prices have climbed quickly. From just under $4 a gallon last weekend, to over $5 a gallon on Monday.

"We're over the $5 mark now. So, it's just been jumping so rapidly," she said.

The spike follows a brutal winter that drove up demand as residents relied heavily on home heating oil.

"People have been using oil like it's crazy," Markarian said. "And thank goodness that the weather is [better] now. So hopefully they will be a little more conservative of using their heat."

For now, businesses like Metro Energy are closely watching global markets while trying to keep customers informed.

"We're very brutally honest with our customers and we let them know what is going on," Markarian said. "I don't see them going down anytime sooner."