Greater Worcester gasoline prices dropped two cents per gallon on Wednesday from a week ago, following a late January bounce.
Local prices are still up 10 cents since early January amid oil companies announcing record-breaking profits in 2022.
The average price of a gallon of gasoline in the Worcester metro area is $3.38 as of Wednesday, slightly lower than the state average of $3.41, according to data from the travel association AAA.
“Keep an eye on the price of oil, because oil currently accounts for nearly 60% of what we pay at the pump. And rising or falling oil prices can have a direct impact on motorists’ wallets,” Mary Maguire, AAA Northeast vice president of public and government affairs, said in a Monday press release.
On Jan. 21, ExxonMobil announced a $56-billion profit for 2022, a historic high for the Western oil industry, according to Reuters. British oil company BP recorded a record profit for that company in 2022 of $28 billion, according to Forbes.
