The plunge continues as gasoline prices in Massachusetts have fallen for a third straight week, and summer driving may be even cheaper, analysts say.
Self-serve regular is down 4 cents this week, averaging $2.71 a gallon, AAA Northeast found in its weekly survey Monday.
The price is 3 cents lower than the national average. A year ago at this time, the average price in Massachusetts was 18 cents higher at $2.89.
In fact, prices in the Bay State haven’t increased in five weeks, falling by 4 cents the second week in May before leveling off the next week, and then sinking 9 cents the past three weeks. That represents a 13-cent decrease from a high of $2.84 in early May.
“Refinery utilization in the United States is at its highest level since early January, resulting in supplies at healthy levels to meet robust consumer demand,” Mary Maguire of AAA said. “Prices are dropping due to cheaper crude oil and at the same time U.S. supply is keeping pace with demand. The national average is poised to fall to at least $2.70 this week – an indication that pump prices may be even cheaper this summer.”
The range in prices in the latest AAA survey for regular is 52 cents, from $2.53 to $3.05. Midgrade is averaging $2.92, from $2.79 to $3.25. Premium is averaging $3.10, from $2.95 to $3.45. Diesel is averaging $3.07, from $2.79 to $3.45.