The average price of a gallon of gasoline in Massachusetts dropped another 10 cents last week, hitting $2.36 a gallon, according to AAA of Southern New England.
The auto club’s weekly survey estimated that American consumers are saving $500 million a day compared to when prices last peaked during the summer. Last year, the price of a gallon of gasoline was $3.47, or $1.11 higher than AAA reported today.
“Barring any unforeseen circumstances, AAA sees no reason for this trend not to continue in the short term,” said Mary Maguire, the group’s northeast director of public and legislative affairs.
Gas prices are closely tied to oil prices, which have dropped by more than half since peaking at almost $108 a barrel in June. Weaker-than-expected demand in Europe and China combined with record production in the United States have led the price of a barrel of crude oil to drop as low at $50 on Monday. Gas prices have dropped similarly, having fallen 36 percent in Massachusetts since peaking at $3.70 a gallon in June.
The state’s cheapest gas was once again reported by users of GasBuddy.com to be offered at Sal’s in Holbrook, where a gallon of regular gas was priced at $2.07 a gallon Tuesday morning. Charbel Succar, who identified himself as Sal’s brother, said the station was selling four times as much gas as last year.
“We got a lot of competitors on the street,” Succar said. “We try to sell a large volume at low profit.”
Gas prices in Massachusetts were 16 cents above the national average price of $2.20 a gallon. AAA’s survey results are for regular, unleaded, self-serve gasoline.