Gas prices drop to $4.08 a gallon in Massachusetts

The average price of regular gasoline in Massachusetts fell by nine cents over the past seven days, landing at $4.08 per gallon as of Monday, according to a weekly survey by AAA Northeast.

While the drop offers some relief to commuters, the cost remains $1.08 higher per gallon than it was at this time last year. A month ago, the same gallon cost $4.32, and it was $4.17 just seven days before the latest reading.

Massachusetts drivers currently pay eight cents more per gallon than the national average. The state ranks 20th among the most expensive places in the country for fuel. In neighboring states, prices also declined. Rhode Island saw its average drop to $4.00, matching the national rate, while Connecticut’s average stood at $4.14, down from $4.24 the previous week.

Nationally, the average price for regular unleaded gasoline hit $4.00 on Monday. That figure is 16 cents lower than the previous week’s average of $4.16 and 94 cents higher than the $3.06 recorded a year ago. María Vargas-Pion, the principal spokesperson for AAA Northeast, noted in a statement on November 9 that the pace of price reductions has accelerated in recent days.

Vargas-Pion said the national average is poised to fall below the four-dollar threshold for the first time since July 19. She pointed out that August, September, and October recorded the highest monthly averages in history, and the data will show if the current downward trend continues through November.

Crude oil prices fell by roughly 12 percent last week. West Texas Intermediate crude closed near $90 per barrel on Friday, while Brent crude traded near $98. By early Monday, WTI had dropped below $90 and Brent fell under $95. Much of this decline followed reports that the United States and Iran were willing to resume talks to end their conflict. On November 2, oil prices dropped more than 7 percent in a single day on signs of negotiation. AAA also cited last week’s midterm election results as a contributing factor.

Domestic production hit a new high, with the Energy Information Administration reporting that U.S. output exceeded 14 million barrels per day for the first time in a weekly reading. Refineries operated at 94.5% of their capacity, up from 86% a year earlier. Gasoline demand rose by 450,000 barrels per day to reach 8.8 million barrels daily. National stockpiles fell by 200,000 barrels to 209 million. This total is 2.9 million barrels higher than last year but remains about 2% below the average for this time of year.