Gas prices continue falling, with expectations of even more declines

THE PRICE OF GASOLINE continued its drop in Rhode Island and Massachusetts, as oversupplies and seasonal declines in demand press the price at the pump in the region down.  / BLOOMBERG NEWS FILE PHOTO/LUKE SHARRETT
THE PRICE OF GASOLINE continued its drop in Rhode Island and Massachusetts, as oversupplies and seasonal declines in demand press the price at the pump in the region down. / BLOOMBERG NEWS FILE PHOTO/LUKE SHARRETT

PROVIDENCE – With crude oil prices at levels not seen since 2003, gasoline prices in the region continued to drop. The average price of self-serve, unleaded regular gas in Rhode Island hit $1.94 per gallon this week, 5 cents less than the price a week ago, said AAA Northeast. The same product averaged $1.87 per gallon in Massachusetts, an 8 cent decline from a week ago.
In mid-day trading in New York on Monday, West Texas Intermediate crude oil was priced at $29.03 per barrel. The decline through the $30 per barrel price last week was the first time the commodity was priced below that level in 12 years. U.S. oil prices have fallen 70 percent in the last 18 months. Continued overproduction of oil relative to demand has some oil buyers saying they would have to be paid to take some low-quality oil, according to Bloomberg News.
The average price of regular gas in Rhode Island in this week’s AAA Northeast survey stands at 5 cents higher than the national average of $1.89 per gallon. A year ago, the price in the Ocean State for self-serve, unleaded regular was $2.15 per gallon.
Prices for regular gas in Rhode Island ranged from $1.74 to $2.19 per gallon. The price for midgrade unleaded averaged $2.24 per gallon, while premium unleaded averaged $2.40 and diesel $2.15 per gallon.
The Bay State recorded a regular gas price average that is 2 cents below the national average, with a range of $1.70 to $2.19 per gallon. Midgrade unleaded gas averaged $2.21, premium unleaded averaged $2.38, and diesel averaged $2.22 per gallon in the weekly AAA Northeast survey of prices.
Lloyd P. Albert, AAA Northeast senior vice president of public and governmental affairs said in a release that “strong oil supplies, coupled with the lessening demand we typically see during the winter, are signs that prices could even go lower.”

No posts to display