Massachusetts drivers saw a modest relief at the pump this week. According to AAA Northeast, the average price of regular unleaded gasoline dropped 9 cents, settling at $4.08 per gallon on Monday, Nov. 9.
Weekly price changes and regional comparison
The new state average is 24 cents lower than a month ago, when the price stood at $4.32. While still $1.08 above the same period last year, the figure is now only 8 cents higher than the national average.
Across southern New England, prices fell in each state. Rhode Island posted the largest weekly decline, down 11 cents, and now matches the national average at $4. Connecticut’s price slipped 10 cents to $4.14, the highest in the region.
National trends and oil market backdrop
Nationwide, the U.S. average price for regular unleaded gasoline fell 16 cents in the same week, reaching $4.00 per gallon. That level is 37 cents below the price a month earlier and 94 cents above the figure a year ago.
Crude oil prices contributed to the decline. West Texas Intermediate, the U.S. benchmark, settled near $90 a barrel on Friday, Nov. 6, while Brent crude fell to about $98 a barrel. Both benchmarks slipped further over the weekend, with WTI dipping below $90 and Brent below $95.
Factors behind the price movement
AAA tied much of the gasoline price drop to multiple reports that the United States and Iran are open to renewed talks aimed at ending their conflict. Additionally, oil prices fell sharply after last week’s midterm elections.
Domestic supply also grew. The U.S. Energy Information Administration reported that producers pumped more than 14 million barrels of oil in a single week for the first time, reflecting higher output amid tight global supplies and elevated prices earlier in the year.
Refinery utilization rose to 94.5% of capacity, an increase of about 2% for the week and well above the 86% rate recorded a year ago. Gasoline demand increased by 450,000 barrels per day to 8.8 million barrels per day, while gasoline inventories fell by 200,000 barrels to 209 million barrels—still 2.9 million barrels higher than a year ago and about 2% below the seasonal average.
AAA’s outlook
“The pace of price declines at the pump has accelerated in recent days and the national average price for regular unleaded is on the verge of falling below $4 a gallon for the first time since July 19,” said Mark Schieldrop, senior spokesperson for AAA Northeast.
Schieldrop added that the months from August through October set the highest monthly averages on record. “Time will tell if the streak continues in November, or if prices cool enough to stop the trend,” he said.
Drivers can check current state and metro averages on AAA’s gas‑price website.
Original reporting: This Week in Worcester — read the source article.
