BOSTON — It’s the start of a new month, and also a new record for gas prices. AAA is reporting prices went up overnight, and some experts say they could reach $5 a gallon in two weeks.
Just outside of Fenway Park, prices are already $5.19 a gallon for regular unleaded, and unfortunately, it doesn’t look like they are going down any time soon.
According to AAA, gas prices went up three cents overnight to $4.76 a gallon for regular unleaded here in Massachusetts. That’s slightly above the national average, which is $4.67 a gallon. While those are cringeworthy, an analyst with Gas Buddy is predicting prices could reach $5 a gallon by June 17th.
So what’s driving up the prices? Well, there are several factors. Crude oil is trading at $118 a barrel, which is 71% higher than a year ago. Refineries have not kept up with consumer and business demand as we emerge out of the pandemic. And the war in Ukraine is pushing prices higher as the US and other countries are placing restrictions on Russian energy products.
The Biden administration has tried to lower gas prices by dipping into the country’s petroleum reserve. Other states are trying to help by temporarily suspending their gas tax, including Connecticut.
This is a developing story. Check back for updates as more information becomes available.
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