The price of gasoline has dropped in Massachusetts and Rhode Island, after reaching record highs as oil prices soared amid Russia’s war on Ukraine.
AAA Northeast said Monday the price of gasoline in Massachusetts is down 9 cents from last week, averaging $4.26 per gallon, and the price in Rhode Island is down 13 cents from last week, averaging $4.22 per gallon.
Already, gasoline prices have hit record highs around the world. Gas prices in the U.S. topped $4.25 on Monday, according to auto club, just below the historic record of $4.33 reached earlier this month.
AAA said the lower prices locally are due to the global price of crude oil coming down since peaking when the war began, and demand dipping slightly as a possible response to higher gas prices.
AAA said it expects more volatility in oil prices “as geopolitical tensions continue unabated,” leading to significant fluctuations in the price of gasoline in the near-term.
Yemen’s Houthi rebels on Sunday launched a series of attacks targeting Saudi Arabia's oil and natural gas production. Saudi Arabia said on Monday that it “won’t bear any responsibility” for a shortage in global oil supplies after the attacks affected production in the kingdom, the world’s largest oil exporter.