Americans have saved an average $530 on gasoline so far this year
Americans over the first six months of 2015 saved about $65 billion on gas expenses, compared with the same period in 2014, according to a new report from AAA Northeast. AAA estimates the plunge in gas prices in recent months saved households about $530, on average.
AAA reported that gas was averaging $2.74 per gallon in Massachusetts this week, down from $3.70 per gallon at this time a year ago. Nationwide, about 15 percent of U.S. stations are selling gas for less than $2.50 per gallon, according to AAA.
Gas prices are highest in Alaska ($3.48), California ($3.44), and Hawaii ($3.38) and lowest in South Carolina ($2.44) and Mississippi ($2.48) and Alabama ($2.50).
"It is possible that gas prices this month will drop or at least remain relatively flat in the near term as gasoline production increases to take advantage of high profit margins," AAA wrote in its July 1 gas price report. "Oil prices similarly should remain near current levels given that domestic, commercial supplies are about 19 percent higher than a year ago. Nevertheless, factors such as strong summertime demand or unexpected events could send gas price higher."
Massachusetts voters last November repealed a state law authoring the state gas tax to be adjusted to reflect changes in consumer price index. Critics of the indexing law said the gas tax should not rise automatically while supporters said the tax had lost some of its value over the years and an indexing provision would generate significant new revenues for transportation investments.
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