Massachusetts oil prices rise 19 cents in one week

Recently, if you’ve filled up your gas tank, you may have been shocked to see a sudden surge in oil prices.

According to data from AAA Northeast, the price of gasoline in Massachusetts has risen by 19 cents per gallon over the past week. Compared to March of this year, the average price of regular unleaded gasoline has increased by 27 cents.

AAA stated that the main reason for the price surge is the switch to summer-blend fuel starting last week. Gasoline prices typically rise during this time of the year because the production cost of winter-blend fuel is lower; however, summer-blend fuel is less volatile in high temperatures, resulting in higher gasoline mileage.

Experts say that between spring break and Memorial Day, people tend to drive less, so the demand for gasoline should decrease, leading to a moderation in oil prices.

Despite international factors at play, current oil prices have started to decrease, which should help prevent further hikes in oil prices.

“The international concern lies in the tense situation in the Middle East. In the past, we would have seen oil prices skyrocket overnight. But the current situation is different,” said AAA spokesperson Mark Schieldrop to the media.

“Part of the reason is that the United States has now become a major producer of oil and gasoline in the world, giving us significant independence in the global oil market,” he added. ◇