Gas prices in Massachusetts jump 40 cents in a week, according to AAA
Gas prices in Massachusetts have skyrocketed 40 cents in just the last week, according to AAA.
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.
Average gas prices
Last Monday, March 2, the average price for regular gasoline in Massachusetts was $2.91 a gallon.
Today, just seven days later, AAA Northeast said it's now $3.31 a gallon, a huge increase of 40 cents. In a typical week, gas prices fluctuate just a few cents up or down.
The national average Monday was $3.48 a gallon. California has the highest average at $5.20 a gallon. Kansas has the lowest at $2.92.
"Even with strong domestic production of oil and refined products, gas prices are heavily influenced by the price of crude oil," said AAA spokesperson Mark Schieldrop. "Additionally, global supply issues caused by the conflict in the Middle East could cause additional export pressure on the United States as more countries look to different sources to meet their energy needs."
Trump gas prices
In a post on his Truth social media platform Sunday, President Trump said "Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for USA and World, Safety and Peace," adding: "ONLY FOOLS WOULD THINK DIFFERENTLY!"
Energy Secretary Chris Wright told CBS News Sunday that the "period of elevated energy prices" will be temporary, "but it will not be long," as the Iran war continued into a second week.
AAA said the last time the national average jumped so fast in a week was back in March 2022, after Russia invaded Ukraine.
Why did gas prices go up this week
Matt McClain, an analyst for GasBuddy, told CBS News Boston last week the reason you see such a quick jump in prices is because gas stations will be paying more for their next shipment of gasoline, so they start raising prices immediately to cover it.
The highest recorded weekly average in Massachusetts history, according to AAA, is $5.05 a gallon, set back in June 2022.
