MASS. — Gas prices have soared past $4 on average for a gallon of regular in the US, the highest since 2022.
Drivers in Massachusetts are still paying slightly less than the national average.
Today, the average price for a gallon of gas in Massachusetts sits at $3.81, up from $3.76 a week ago and $2.90 last month.
Nationally, gas has reached $4.00 a gallon for the first time since 2022, when prices surged following Russia’s invasion of Ukraine.
This year’s increase is tied to renewed conflict in the Middle East, after the U.S. and Israel launched airstrikes in Iran on February 28th.
The war has disrupted supply chains and driven up the cost of crude oil, adding pressure to fuel markets.
Federal Reserve Chair Jerome Powell cautioned that it is still too early to know how the conflict will affect the broader U.S. economy or inflation, saying, “We will eventually maybe face the question of what to do here. We’re not really facing it yet because we don’t know what the economic effects will be.”
Some analysts warn that if the war continues through the end of June, gas prices across the country could climb as high as seven dollars per gallon.
This is a developing story. Check back for updates as more information becomes available.
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