BOSTON — Massachusetts drivers are paying significantly more at the pump as ongoing unrest in the Middle East continues to disrupt global oil supplies.
According to AAA, the average price of regular gasoline in Massachusetts is now $4.41 per gallon, up 7 cents from a week ago and 36 cents higher than a month ago. One year ago, drivers were paying an average of $3.10 per gallon, meaning gas prices have increased by $1.31 over the past 12 months.
While some stations are offering slightly lower prices, others are charging nearly 25 cents more per gallon, making it worth shopping around before filling up.
Experts point to continued instability in the region following U.S. attacks on Iran earlier this year and the subsequent disruption of oil shipments through the Strait of Hormuz, a critical route for global energy supplies.
More recently, Houthi forces have targeted key sites in the region and seized an island viewed as an alternative shipping route, further raising concerns about supply interruptions.
The impact extends beyond gasoline.
Diesel prices have surged more than 55% since the conflict with Iran began nearly seven months ago. AAA data shows diesel is now averaging about $6.38 per gallon, a development economists warn could drive up the cost of goods across the country.
“That goes into the transportation of essentially everything that goes in stores, so that is going to be a problem going forward,” said Mohamed El-Erian, chief economic adviser for Allianz.
Higher diesel prices could also create challenges for farmers preparing for the fall harvest season, as most agricultural equipment relies on diesel fuel.
As fuel costs continue to rise, experts recommend drivers compare prices at nearby stations whenever possible to help minimize the impact on their wallets.
Download the FREE Boston 25 News app for breaking news alerts.
Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW