Gas prices surge in Massachusetts amid conflict with Iran, AAA says
Gas prices in Massachusetts and the northeast are "surging," AAA says, as the conflict with Iran sends oil prices higher.
The average gas price in Massachusetts is now $3.08 a gallon, up 9 cents from last week. A month ago it was averaging $3.01. The average price nationally is $3.22 a gallon.
Gas is still cheaper than it was at this time a year ago, when a gallon was averaging $3.43 in Massachusetts. Gas prices had been relatively low this year, something experts said could be a bad sign for the economy and reflect market uncertainty.
AAA says that oil prices have gone up more than $10 a barrel since the start of June. The Israel-Iran war is in its second week, and the U.S. launched strikes on three Iranian nuclear facilities over the weekend.
"It should come as no surprise to see prices at the pump spike after an escalating geopolitical conflict in the Middle East, but it's not the only factor driving recent price increases," AAA spokesperson Mark Schieldrop said in a statement. "Prices were already poised to climb on stronger summer demand and seasonal expectations."
Schieldrop said that if tensions continue to escalate in the Middle East, gas prices in the United States could go up another 10 to 15 cents per gallon.
"Despite the fact that we don't consume that much Iranian oil here in the United States, in fact, we are the world's leading producer of oil and gas. As it stands, we would still see higher oil costs across the board if escalations continue in the Middle East," Schieldrop said.
He also said that a big fear for the markets is that Iran would block shipments of oil from the region. It's not something he believes is likely, but nonetheless, it could cause prices to spike worldwide if it were to happen.
"About 20 percent of the world's oil does travel through that passage, so as a result, we would see significant disruptions to the global oil supply if the Iranians go through with that blockade."
Trump on gas prices
President Trump also weighed in on the cost of gas Monday morning.
"EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" he to his social media platform Truth Social.
Every county in Massachusetts is seeing average gas prices of more than $3 a gallon, according to AAA's . Gas is cheapest in Bristol County, and most expensive in Nantucket at nearly $4.50 a gallon.
