By CBSBoston.com Staff

BOSTON (CBS) — Gas prices in Massachusetts are slightly higher than the nationwide average. AAA reports that the average cost of a gallon of gas in the state went up a penny from last week to $3.42.

Meanwhile, the national average went down a cent to $3.40.

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CBS News reports that the price of crude oil on Friday fell 3% to about $76 a barrel. If that level holds, gas prices could drop between 15 cents to 30 cents in the next few weeks, according to GasBuddy.

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“The price of crude oil accounts for about 50%–60% of what consumers pay at the pump, so a lower oil price could eventually translate into better gasoline prices for drivers,” AAA Northeast’s Mary Maguire said in a statement.

Gas prices in Massachusetts are 8 cents higher than a month ago and $1.35 higher than at this time last year.

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CBSBoston.com Staff