NATICK,Mass. — Gas prices are surging in Massachusetts, jumping nearly 40 cents in just the last week, and according to Patrick De Haan with Gas Buddy, it doesn’t sound like relief is coming any time soon.
“We’re seeing prices go up almost overnight by 5 to 10 cents every couple days,” De Haan said. “I think prices probably could go up another 15 to 30 cents again. We could get very close to $4 though, by the time we get to that peak in April or May.”
Massachusetts drivers are certainly feeling the pressure.
David Whitbeck said, “I don’t think we should have a war in Iran. I don’t think we should pay more for gas.”
Eric Gratton added, “It’s only going to get worse as long as it plays out for all of us.”
While the U.S. doesn’t import a lot of Iranian oil, the roadblock driving up prices is the halt of shipping through the Strait of Hormuz.
“The loads of crude oil that go through this strait of Hormuz add up to 20-25% of the world’s total daily oil supply. So that’s a big deal,” De Haan said.
Though, gas prices aren’t the only issue. Home heating oil prices in Massachusetts have spiked by a third or more.
Michael Ferrante with the Massachusetts Energy Marketers Association represents home heating oil dealers, and explained crude oil trading was around $60-70 a barrel, and now it’s eclipsed $110.
“About a week or so, or 10 days ago, it was about $4.30 [a gallon]. Now it’s easily going to be $6 or more,” Ferrante said. “It’s really frightening. The increases have been rapid and steep. Unfortunately, these retail heating oil dealers have to pass those costs along to customers.”
As of Monday, the national average was sitting just under $3.50 for a gallon of gas. In Massachusetts’ it was around $3.30 a gallon.
This is a developing story. Check back for updates as more information becomes available.
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