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Gas prices could fall below $3 per gallon this fall, AAA predicts

WCVB Boston 9/13/2022

Gas prices are continuing a steady decline in Massachusetts and AAA's latest prediction is that they will continue to fall.

How low will they go? AAA spokesperson Mary Maguire said they could fall near or below $3 per gallon.

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That would be a big relief for Massachusetts motorists, who only saw prices fall below $4 for Labor Day weekend.

As of Tuesday morning, the average price in Massachusetts was $3.784 per gallon, about $0.08 higher than the national average.

Those prices are down $0.51 per gallon from one month ago and down $1.265 from the record high price, which was set on June 12.

Tuesday's average price is still up $0.693 from one year ago, but with recent declines in the price of oil Maguire said prices in Massachusetts could be going back toward that level.

"Less expensive oil usually leads to less expensive gas for drivers," said Maguire. "This trend has helped pump prices fall steadily for three straight months and, with fall approaching, more markets could soon see prices drop toward or below $3 per gallon."

Declining gas prices and cheaper used car prices were also a big part of a slowing inflation rate during August. Consumer prices surged 8.3% in August compared with a year earlier. Though still painfully high, that was down from an 8.5% jump in July and a four-decade high of 9.1% in June.


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