The average gasoline sale price in Massachusetts is sitting at $4.35 per gallon of regular unleaded, up 19 cents from last week, according to a Monday report from the travel group AAA Northeast.
The increase in fuel price follows Russia’s invasion of Ukraine, which caused the price of oil to spike to $123 per barrel of oil, although that has since dropped slightly to to $110 per barrel.
The price “bears reminding that the cost of oil accounts for about 50% of what drivers pay at the pump,” said Mary Maguire, director of public and legislative affairs at AAA Northeast, in a written statement. “This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices.”
Nationally, fuel prices are up 84 cents from one month ago today, and up $1.47 from March 2021.
