PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island declined 6 cents to $3.44 per gallon this week. That average is 3 cents higher than the national average, AAA Northeast said on Monday.
The agency said Monday that gasoline prices in the Northeast continue to decline slowly and steadily as weak demand and lower oil costs take hold in petroleum markets.
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Oil prices fell for the second straight week last week as market jitters about the potential for a broader war in the Middle East have eased somewhat. Meanwhile, domestic oil and gas inventories climbed on softer demand, which remains nearly 500,000 barrels per day below the average for this time of year.
“Although we still need to watch global events for the effects on oil prices, gas prices should continue to fall as long as oil costs are lower and demand remains lackluster,” said Mark Schieldrop, AAA Northeast senior spokesperson. “With pump prices below $3 per gallon in six southeastern states and counting, Northeast gas prices have room to drop once the switchover to winter blend is fully completed in our region.”
Midgrade gas in Rhode Island averages $4.06 per gallon, premium gas averages $4.41 per gallon and diesel fuel averages $4.45 per gallon, AAA Northeast said.
The price of regular gas in Rhode Island one year ago was $3.85 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline is $3.51 per gallon, down 5 cents from last week.
Midgrade gas in the Bay State averages $4.08 per gallon, premium gas averages $4.43 per gallon and diesel fuel averages $4.50 per gallon.
The price of regular gas in Massachusetts one year ago was $3.83 per gallon.
