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Gasoline prices down for third consecutive week




Gasoline prices have dropped in Massachusetts for the third consecutive week as oil prices continue to stabilize.

AAA Southern New England's weekly survey Monday found self-serve regular dipped another 3 cents in the past week to an average of $2.65 a gallon.

The price has decreased 7 cents in three weeks, and is equal to the national average.

A year ago at this time, the Massachusetts average price was $1.85, 80 cents lower than the current average.

MassachusettsGasPrices.com also found gasoline averaging $2.65 a gallon. In Rhode Island, regular was going for $2.71, 1 cent less than last week, AAA said.

Oil prices fell sharply late last week as concerns over high debt levels in some European nations and high unemployment in the U.S. cast doubt over the global economic recovery. The strengthening U.S. dollar is also keeping prices in check, analysts say.

The International Energy Agency (IEA) said the end of huge economic stimulus packages around the globe threatened a modest recovery in global oil demand this year.

Oil, heating oil and gasoline prices are increasing, however, in response to the recent snowy and cold weather across much of the United States.

Crude oil for March delivery Monday gained 70 cents to settle at $71.89 a barrel, rebounding from an 8 percent drop last week.

Heating oil for March delivery Monday rose 1 cent, settling at $1.88 a gallon on the New York Mercantile Exchange.

It often takes a few weeks for the impact of oil prices to show up at the gas stations.

Oil is still over 50 percent below its all-time high of more than $147 a barrel hit in July 2008.

Prices continue to sharply differ from gas station to gas station.

In Massachusetts, AAA found quite a range in prices for regular gas - a 38-cent swing, with a low of $2.51 and a high of $2.89. Midgrade is averaging $2.78, from $2.55 to $3.05, Premium is running $2.89, from $2.65 to $3.29.

Diesel is averaging $2.93, according to AAA.

Find the most up-to-date local gas prices with the AAA Fuel Finder by logging onto AAA.com and clicking on Gas Saving Tips

 


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