Gas prices in Massachusetts jumped seven cents a gallon higher over the past week, according to AAA.

The average gas price is $3.34 per gallon, which is 4 cents higher than a month ago and 78 cents lower than this time last year.

“OPEC’s announcement that it will cut production by over a million barrels per day took the oil market by surprise,” AAA said in a statement. “In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark.”

High prices for gas and goods and services have been keeping pressure on household and business budgets, leading the Federal Reserve to raise interest rates in an attempt to slow inflation. Efforts to reduce the Massachusetts gas tax faltered last year on Beacon Hill, where legislative leaders are contemplating a new run at tax relief this spring.

Stocks were mixed on Wall Street Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes again on financial markets and the economy.

The S&P 500 gained 0.1%. Big tech stocks were the worst off as bets built for the Fed to raise interest rates at its next meeting. That forced the Nasdaq down slightly, but hope still remains that the economy may skirt a recession.

Traders are betting on a roughly 70% probability the Fed will raise its key overnight interest rate in May by 0.25 percentage points to a range of 5% to 5.25%, according to data from CME Group. A day before Friday’s jobs report, they saw a roughly coin flip’s chance that the Fed would stand pat at its next meeting.

That helped the Dow rise modestly. Stocks were catching up to the bond market, where yields rose Friday with expectations for a rate hike.