Pump prices across the Northeast are higher after another week of climbing oil prices in response to heightened tensions between the U.S. and Iran.<\/p>\n
The average gas price in Massachusetts on Monday was up 10 cents from last week ($4.03), averaging $4.13 per gallon.<\/p>\n
Monday\u2019s price was 18 cents higher than a month ago ($3.95), and $1.09 higher than this day last year ($3.04). Massachusetts\u2019 average gas price is 2 cents higher than the national average.<\/p>\n
\u201cPump prices have been on a rollercoaster this summer as geopolitical tensions shift between escalation and deescalation,\u201d said Mark Schieldrop, senior spokesperson for AAA Northeast. \u201cOil and gas markets are likely to remain unsettled as long as the situation in the Middle East remains volatile.\u201d<\/p>\n
Crude prices finished about $8.50 a barrel higher last week when trading ended on Friday, as fighting continued across the Middle East for a second week.<\/p>\n
Crude prices climbed roughly $20 a barrel over the past two weeks since the unraveling of the ceasefire agreement reached in mid-June \u2014 and retail gas prices have followed suit, swelling solidly above $4 a gallon on average across the Northeast.<\/p>\n
Pump prices could stabilize in the coming days, however, as both crude and wholesale gasoline prices begin this week sharply lower after both the U.S. and Iran announced a pause in attacks on Sunday.<\/p>\n
In overnight trading, U.S. crude fell more than $6 and Brent crude declined more than $7 a barrel as markets reacted to the news. Despite the selloff ahead of the market\u2019s open on Monday, crude prices remained about $14 higher than they were a month ago.<\/p>\n
Aside from higher crude costs, gas prices remain under pressure from tight inventories and steady demand. Strong U.S. production helped boost supplies by 800,000 barrels last week, according to the Energy Information Administration (EIA), but they\u2019re still more than 8% below year-ago levels.<\/p>\n
Demand climbed 103,000 barrels a day week-over-week to reach 8.9 million barrels a day, the EIA reported. While solid for late July, the figure landed 20,000 barrels a day lower than the comparable week last year.<\/p>\n","protected":false},"excerpt":{"rendered":"Pump prices across the Northeast are higher after another week of climbing oil prices in response to heightened…\n","protected":false},"author":2,"featured_media":225297,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[897,376,34,196,5435,52024,33872],"class_list":["post-225296","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-gas","tag-gas-prices","tag-iran","tag-iran-war","tag-massachusetts","tag-massachusetts-news","tag-ticker"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/116993902681221234","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/225296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=225296"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/225296\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/225297"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=225296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=225296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=225296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}