Gas prices in Massachusetts dropped a penny last week driven largely by lower prices for crude amid growing demand. But, economists warn the building peak of the Atlantic storm season could be a factor in the weeks ahead.

“Although the national average did a U-turn this week, the road ahead could lead to higher prices,” said Mark Schieldrop, AAA Northeast Senior Spokesperson. “Ongoing concerns regarding potential storm activity could hinder falling pump prices this fall.”

A gallon of gas was running  $3.76 a gallon Monday, 13 cents higher than a month ago and a full 31 cents lower than a year ago. The price at the pum is 5 cents lower in Massachusetts than the national average.

Farmers Insurance said Monday it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability.

The California-based insurer owned by Swiss giant Zurich Insurance Group said the job cuts will impact all lines of its business. Monday was the last working day at the company for most employees impacted by the layoffs, Farmers confirmed.

In a statement announcing the job cuts, Raul Vargas, Farmers Group Inc. president and CEO, alluded to “existing conditions” in the insurance industry.

“As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability,” Vargas said.

Monday’s layoff announcement from Farmers follows mass job cuts seen at a handful of companies in the past year — including T-Mobile, Google, Meta, Amazon and Microsoft.