PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island was $3.66 per gallon on Monday, 13 cents higher than last week but still 9 cents below the national average, according to AAA Northeast.
The national average for a gallon of gas awoke from a months-long slumber, surging 16 cents since last week to $3.75. The primary cause appears to be the price of oil, which has surged nearly $4 higher in the past few days to pass $80 per barrel, the agency said Monday. As oil accounts for almost 50% of the cost of a gallon of gas, higher oil prices usually mean higher pump prices.
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“Gas demand, meaning people fueling up, remains tepid. It’s lower now than at this time last year and in 2021,” said Diana Gugliotta, director of public affairs for AAA Northeast. “But while the heat may be keeping some folks home, it also suppresses refinery production, according to experts. Constrained supplies and a higher cost of oil are tipping the balance toward rising pump prices for now.”
Midgrade gas in Rhode Island averaged $4.22 per gallon on Monday, while premium gas averaged $4.58 per gallon and diesel fuel averaged $4.22 per gallon.
In Massachusetts, the average price of regular gas increased 10 cents from last week to $3.67 per gallon.
The price of regular gas in the Bay State one year ago was $4.47 per gallon.
Midgrade gas in Massachusetts averaged $4.15 per gallon on Monday, while premium gas averaged $4.50 per gallon and diesel fuel averaged $4.18 per gallon.
