Gas prices in Massachusetts rose to an average of $3.09 per gallon, a 10 cent increase recently attributed to geopolitical tensions and increased travel demand. Experts note that although prices may fluctuate, strong gasoline inventories mean supply outpaces demand, contrasting with last year's higher prices of $3.44 per gallon. Historical context reveals that international conflicts significantly impact prices, as seen with the recent Israel-Iran conflicts. Gas prices surged during the Russia-Ukraine conflict, peaking at $5.048 per gallon in mid-2022, highlighting the volatility of global events on local costs.
"Demand through most of the year had been relatively soft, so supply was really outpacing demand through most of the spring and early summer."
"I don't know if prices will necessarily go back down, and retail prices will give up the nine cents that they gained over the past week, but certainly there's less momentum behind the price increases..."
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