PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 5 cents to $2.97 per gallon this week. That price not only is 25 cents below the national average, but also has fallen below the $3 threshold for the first time since 2021, AAA Northeast said Monday.
AAA Northeast said the last time the Ocean State saw regular unleaded self-serve gas at less than $3 per gallon was in late June 2021, just before the Fourth of July. One of the reasons for the continued drop in gas prices, AAA Northeast said, is that East Coast inventories sit at just more than 60 million barrels, up from 56 million barrels a year ago, according to the U.S. Energy Information Administration. Globally, prices are further easing because of lackluster demand, AAA Northeast said.
AAA Northeast also said a simplified turnaround season in New England also helped lower gas prices. Turnaround season is when refineries dial back production to perform regular maintenance and transition to less expensive winter-blend fuel. In 2023, the region had tighter supplies because two of the major refineries the area depends on were down for an unusually long period of time for maintenance. This year’s turnaround season is expected to be swifter, AAA Northeast said.
Also, OPEC+ is expected to increase production, which will drive down prices, AAA Northeast said. A new refinery in Nigeria will soon produce gas that meets both U.S. and European Union standards – which could significantly affect markets.
“With prices hitting lows not seen in over three years, there’s never been a better time for drivers to shop around and give their business to retailers that offer the best prices,” AAA Northeast spokesperson Jillian Young said in a statement. “Once stations begin posting prices below $3, we generally see a rush from others to follow suit because customers flock to stations below the $3 barrier – ultimately benefiting drivers’ wallets.”
Midgrade gas in Rhode Island averaged $3.64 per gallon, premium gas averaged $4 per gallon and diesel fuel averaged $3.74 per gallon, all lower prices than from the previous week, AAA Northeast says.
A year ago, the price of regular gas in Rhode Island was $3.72 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas decreased by 5 cents, to $3.09 per gallon. A year ago, the price of regular gas in Massachusetts was $3.75 per gallon.
Midgrade gas in the Bay State averages $3.68 per gallon, premium gas averages $4.05 per gallon and diesel fuel averages $3.76 per gallon.
