June 6, 2022
CBS News Boston recently interviewed Jay Zagorsky, Senior Lecturer of Markets, Public Policy, and Law, on the recent surge in gas prices across Massachusetts.
Following Russia’s invasion of Ukraine, gas prices around the world spiked and have been affected ever since. As the average cost of gas continues to rise across Massachusetts, prices are now nearing a record high of five dollars per gallon. Drivers have been affected by these prices, especially those transporting their children to and from school and activities but have no choice but to keep driving. However, Jay tells us it is not the gas stations that are to blame for these prices.
“Gas station owners really want to keep the price under control. Why? Because they want you as steady customers. They don’t want you to suddenly go out and buy a Tesla or another electric vehicle and then you don’t stop in for your cup of coffee or lottery tickets.”
Jay believes that the end of China’s Covid lockdown, as well as the increase of traveling during the summer season increasing the demand for jet fuel are the culprits for these record high prices.