March 8, 2022
CBS Boston recently interviewed Jay Zagorsky, Senior Lecturer in Markets, Public Policy, and Law, on the high prices gas stations in Massachusetts are currently charging.
“We’re not importing a lot of gasoline directly from Russia, you can take a barrel of oil and convert it into gasoline at a refinery in less than 24 hours.
Jay Zagorsky
Senior Lecturer in Markets, Public Policy, & Law
The news segment discusses the gas prices from East Coast wholesalers, averaging $3.43 a gallon, and an average of $4.24 in Massachusetts, a difference of 81 cents a gallon. According to the Energy Information Administration, 38% of the crude oil supply in the United States is produced in the United States, while less than 3% comes from Russia. Jay elaborates on this dynamic by stating that,
“We’re not importing a lot of gasoline directly from Russia, you can take a barrel of oil and convert it into gasoline at a refinery in less than 24 hours. So there’s a really fast track through refineries, and then its just getting it on tanker trucks to your local gas station.”