The average price of gasoline in Massachusetts fell to $2.93 a gallon last week, AAA Southern New England said Monday, down three cents from the week before.
Gas prices are declining as global demand weakens because of sluggish economies overseas and rising US oil production. The price of gasoline is based mostly on the price of crude oil, which has fallen 28 percent since peaking in June.
The Massachusetts average is 24 cents lower than it was a month ago. The last time the statewide average was at or below $2.93 a gallon was in November 2010. According to the website GasBuddy.com, the cheapest gas in the state is sold by a Shell station in Auburn for $2.63 a gallon.
The latest Massachusetts price is four cents more than the current national average of $2.89. Prices in AAA’s sample ranged from a low of $2.76 to a high of $3.33. A year ago, the Massachusetts average was 35 cents higher at $3.28. AAA collects data for the price of regular, unleaded, self-serve gasoline.
Jack Newsham can be reached at jack.newsham@globe.com. Follow him on Twitter @TheNewsHam.