Due to positive and negative economic reports from the U.S. and abroad, gasoline prices in the Northeast continue to fall ahead of Labor Day.
The average price of gasoline in Massachusetts on Monday was two cents lower than last week ($3.42), averaging $3.40 per gallon. Monday’s price was 10 cents lower than a month ago ($3.50) and 37 cents lower than the same day last year ($3.77).
The state’s average gasoline price is one cent lower than the national average.
Domestically, reports of better-than-expected consumer spending and lower inflation numbers sent oil prices higher early last week as expectations for near-term interest rate cuts grew. The enthusiasm pushed the price of a barrel of oil up more than $3 – the biggest one-day increase in over a year.
But by Friday, crude oil price gains had almost completely disappeared after Chinese authorities reported a series of weaker economic indicators, dampening optimism about future growth in global oil and gas demand in the world’s largest oil importer. The worries far outweighed market concerns about ongoing geopolitical tensions in the Middle East.
“Despite market volatility due to conflicting global economic data, pump prices are trending downward as domestic production and supply of gasoline continues to meet demand,” said Mark Schieldrop, senior spokesman for AAA Northeast. “Here in the Northeast, gasoline inventories are well above last year’s levels at nearly 4 million barrels.”
According to AAA Northeast’s fuel price survey conducted Monday, the current national average price is three cents lower than last week ($3.44), averaging $3.41 per gallon. The national average price is nine cents lower than a month ago ($3.50) and 45 cents lower than the same day last year ($3.86).
Free rides with Bluebikes during the Red Line closure
Blue Cross Blue Shield of Massachusetts and the City of Boston are providing free Bluebike unlock codes to give people an alternative mode of transportation during the MBTA Red Line closure.
The unlocks are available to non-members of Bluebikes and can be redeemed for both traditional bikes and the innovative e-bikes (per-minute fees apply). The unlocks offer riders five free rides on Bluebikes or the option to unlock e-bikes. They are only available during the closure until August 25th and while stocks last.
Individuals can access the five free unlocks using the code MBTAREDAUGUST via the Bluebikes app.
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