Why did Massachusetts gas prices jump 31 cents in one week? Expert says high prices could last until 2027.
Filling up at the gas station has become even more painful in Massachusetts in the past few days. The average price of gasoline jumped 31 cents last week to $4.35 a gallon, according to AAA. Just a year ago, the average price of a gallon of gasoline in the state was $2.98.
Gas prices have been rising in Massachusetts since the war in Iran began. Professor Rocky Weitz, the Director of Maritime Studies at the Tufts University Fletcher School, explained why there was a sudden jump in prices.
"An oil trade disruption anywhere causes prices to rise everywhere," Weitz said.
Roughly 20% of the world's oil used to pass through the Strait of Hormuz where the United States and Iran are in a stalemate. Since the strait's closure, Weitz says oil tankers have been backing up outside the strait, some deciding to divert to the U.S. Gulf Coast to get oil from Texas.
Weitz says those tankers just arrived in the U.S. recently, and took oil from the United States supply.
"They start pulling crude oil, diesel, and gasoline from the United States and that is causing the increasing prices here," Weitz said.
He expects that the high prices could last until 2027.
"It takes months for it to ripple through the system, for the refineries to receive the crude oil, for them to refine it so we have jet fuel, diesel and gasoline here in Massachusetts so, unfortunately, elevated prices are likely here to stay for a while," Weitz said.
Drivers are immediately feeling the pinch but the airlines may suffer the most. Weitz says jet fuel is extremely difficult to store for long periods of time, so the industry has been unable to stockpile.
Now, the Trump administration has announced a plan to escort ships through the Strait of Hormuz. Weitz says it is possible it could ease the tension on the global oil market.
"It's really too early to tell for sure but I think so," he said. "We heard just this morning, two U.S. flagged vessels were able to get out today which is really good news for the crew. They've been sitting there for two months. Not a fun place to be."
