Gasoline prices in Massachusetts have dropped for the second straight week following a month of price hikes at the pumps, according to AAA Southern New England.
AAA's weekly survey Monday found self-serve, regular averaging $2.68 per gallon, down 2 cents from last week. The price fell by the same amount last week from the week before after four weeks of price increases that totaled 14 cents.
The current price is 2 cents higher than the national average. A year ago at this time, the Massachusetts average price was $1.82, 86 cents lower than the current average.
In Rhode Island, gas prices are down 3 cents from last week, averaging $2.72, AAA found.
Gasoline prices were being influenced by weak demand despite recent refinery problems around the country, analysts said. The Energy Department recently said gasoline supplies in the U.S. were at a 22-month high.
The picture could soon be changing. After trading lower in light of continued economic woes since hitting a 15-month high above $80 a barrel last month, oil prices have headed back toward $75 a barrel.
Analysts blamed the jump on a variety of factors, including attacks on an oil pipeline in Nigeria, persistently cold weather in the U.S. Northeast and a stronger stock market. They also said large stockpiles of oil in the United States and elsewhere were also keeping prices from rising too high.
Benchmark crude for March delivery rose $1.54 to settle at $74.43 a barrel in trading on the New York Mercantile Exchange.
The range in prices in the latest AAA survey for regular gasoline in Massachusetts is 46 cents, from a low of $2.53 to a high of $2.99.
Midgrade is averaging $2.80, from $2.60 to $3.05. Premium is running $2.92, from $2.73 to $3.29. Diesel is averaging $2.93.
Find the most up-to-date local gas prices with the AAA Fuel Finder by logging onto AAA.com and clicking on Gas Saving Tips & Tools.
