New England gas prices fall, defying usual Memorial Day surge
Gasoline prices in New England fell a few pennies this week, defying the usual spring pattern of higher prices ahead of the Memorial Day weekend, although prices are still higher than they were last year at this time, according to AAA Northern New England.
One year ago, the country was experiencing higher consumer demand and prices were increasing. Today, consumers are still experiencing higher gas prices over last year due to the OPEC agreement, but we are not seeing substantial increases at the pump due to increased gasoline inventories and low demand across the country.
New Hampshire’s current price is $2.32 per gallon, lower than in three other New England states, but 13 cents higher than a year ago. Vermont’s current price is $2.41 a gallon; Maine, $2.36, and Massachusetts, $2.37.
“Gas prices were knocked off their seasonal upward trend, as there is an oversupply of gasoline as refiners ramp up production,” said Dan Goodman, public affairs manager for New Hampshire and Vermont for AAA Northern New England. “When refineries finished spring maintenance season, they accelerated production to levels that have outpaced demand.”