Boston gets a break from sky-high gas prices
After facing some of the highest prices in the nation last year, Greater Boston has seen the cost of gas come back down to earth.
Why it matters: When nearly everything is costlier than it was a few years ago, the drop in gas prices may offer some relief for cash-strapped households, especially when public transit isn't reliable.
Driving the news: A gallon of gas in Boston cost $3.66 on average in August, about 10 cents lower than the national average.
- The local average is 14.2% lower than it was in August 2022.
The big picture: Nationwide, average gas prices have been falling or flat since August 2022.
- They're up a bit from the winter months, which is normally when they're at their lowest, but remain lower than last year's highs of nearly $5.
State of play: Prices ticked up in recent weeks due to excessive heat in Gulf states like Texas and Louisiana, where many of the country's oil refineries are located.
- "Refineries, which turn crude oil into products like gasoline, don't function as efficiently in 100+ degree weather," Axios' Emily Peck reports.
Flashback: Gas in Boston dipped to $3.26 a gallon in March, 16 cents below the national average at the time, before rising again.
What's next: All eyes are on hurricane season, as severe storms can further disrupt refineries — thus reducing supply and raising prices.
- Saudi Arabia's continued oil production cut also stands to increase energy prices.
The bottom line: "The pace of increases has started to slow down over the last few days, and for now, appears to have hit a peak over the weekend and is beginning to gently fall," Patrick De Haan, head of petroleum analysis at GasBuddy, said in a statement this week.
- But "the respite from gasoline rising may not last long."
More Boston stories
No stories could be found
Get a free daily digest of the most important news in your backyard with Axios Boston.