Gasoline prices in Massachusetts continue their recent freefall, and have dropped the most in one week since mid-June, largely due to the largest gas inventories in nearly half a year, analysts say.
The price of a gallon of self-serve regular is down 4 cents this week, averaging $2.64, according to AAA Northeast.
That is the same as the national average. A year ago at this time, the average price in Massachusetts was 19 cents higher at $2.83.
Prices in the state dropped 2 cents last week — the first time they had decreased since June.
“Domestic gasoline supplies soared to the highest level not seen in nearly five months, leading to price drops across much of the country,” Mary Maguire of AAA said. “While demand is also up, it’s not enough to stay on pace with the huge jump in gasoline stocks.”
The range in prices in the latest AAA survey for regular is 66 cents, from $2.39 to $3.05. Midgrade is averaging $2.89, from $2.71 to $3.25. Premium is averaging $3.07, from $2.89 to $3.45. Diesel is averaging $2.97, from $2.69 to $3.39.