With energy costs contributing mightily to explosive inflation, AAA Massachusetts on Monday reported another price drop in that sector.
The average gas price in Massachusetts fell 11 cents over the past week to $4.63 per gallon, which is 38 cents per gallon lower than a month ago.
AAA analysts said the falling prices are due to a “lower domestic demand for gasoline at the pump and a much lower global price for oil,” with the cost of a barrel around $95 compared to $110 two weeks ago.
“Global economic news is pushing oil prices lower and less expensive oil leads to lower pump prices,” AAA Northeast’s Mary Maguire said. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”
The average price in Massachusetts remains $1.61 a gallon higher a year ago, when the average was $3.02 per gallon. The national average is $4.52 per gallon.
