PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped by 4 cents to $3.41 per gallon this week. That price is 9 cents lower than the national average, AAA Northeast said Monday.
A year ago, the price of regular gas in Rhode Island was $3.65 per gallon.
As oil prices slide, pump prices continue to trend lower across the Northeast despite strong domestic demand for gasoline and tightening supplies, the agency said Monday.
Last week, U.S. gasoline demand reached 9.45 million barrels a day
– a 2024 high, according to the Energy Information Administration. But domestic production also reached a yearly high last week, muting the price impact of strong demand even as inventories of oil and gasoline fell to levels below the comparable weeks of 2023 and 2022. At the same time, oil prices fell for a third straight week to levels not seen since the waning days of winter on weak global demand, particularly from China
– the world’s largest importer of oil.
“Even though domestic refiners are humming, oil and gas markets are cooling on ho-hum global demand,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Typically, drawdowns in oil and gasoline inventories put pressure on pump prices, but ... cheaper oil is driving market prices for now.”
Midgrade gas in Rhode Island averages $4.07 per gallon, premium gas averages $4.40 per gallon and diesel fuel averages $4.09 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas decreased by 2 cents, to $3.48 per gallon. A year ago, the price of regular gas in Massachusetts was $3.65 per gallon.
Midgrade gas in the Bay State averages $4.04 per gallon, premium gas averages $4.40 per gallon and diesel fuel averages $4.04 per gallon.