Gas Prices in Massachusetts break record Overnight

People are witnessing a shock with record breaking trends in gas prices this Memorial Day . In this week’s market, prices already at a record level they in  Massachusetts and it continues to set records after record for increasing gas prices with no relaxation in sight. This gets tough for transportation companies in the state. For car service providers in Boston, with luxury vehicles that burn up fuel much faster than regular economic vehicles, this is getting unbearable.

Within Downtown Boston, it feels that the cost of gasoline can range from $4.90 and $5.20 for each gallon. There are some Shell or Gulf petrol stations in the South End that are even asking for $5.60 per gallon. The Cape Cod region is pretty much the same with an average price that is about $4.80 per gallon. So, this is compelling us to add fuel surcharges to our car ride services. 

Gas Prices on the 1st of June 2022

At an average price of $4.76 the figure is the highest number ever recorded in Massachusetts as per American Automobile Association. It’s quite a leap from the cost of a gallon of gasoline in 2013, when the average price for Massachusetts of $2.92. The increase in the price of gasoline is correlated with the ongoing situation in Ukraine due to the continuing Russian incursion.

Other factors also contribute to the sudden price rise. For instance, crude oil is currently trading at $118 per barrel, which is up 71 percent than a year ago. Additionally, the strain on refineries, who are trying to meet the demand, as more people are returning to work. 

While more people returning to work and international travel and domestic travel starting to rise again was welcome news for taxi cab and car service providers, the fuel price rise is now a dampening factor. 

Image Credits- Gas Price