PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island declined 3 cents to $3.30 per gallon this week. That average is 6 cents higher than the national average, AAA Northeast said on Monday.
The agency said gas prices keep falling as global oil markets last week shrugged off news of deeper production cuts announced by OPEC+ member countries, reflecting the diminishing power of the Saudi-led cartel to move markets – and the United States’ strength as the world’s largest oil producer.
With a backdrop of domestic oil production breaking records, national crude oil inventories last week reached their highest levels since July. This strong production, along with uncertainty about interest rates and the overall economy in 2024, has sent oil prices lower despite OPEC+ planning to cut production by an additional 1 million barrels per day. The result is continued downward pressure on pump prices, the agency concluded.
“Sixteen states now have an average price below $3 per gallon as the seasonal trend of lower demand takes hold,” said AAA Northeast senior spokesperson Mark Schieldrop. “Northeast prices are still above the national average, but the gap is narrowing as we approach year’s end.”
Midgrade gas in Rhode Island averages $3.96 per gallon, premium gas averages $4.26 per gallon and diesel fuel averages $4.41 per gallon, AAA Northeast said.
A year ago, the price of regular gas in Rhode Island was $3.61 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline is $3.37 per gallon, down 3 cents from last week.
Midgrade gas in the Bay State averages $3.94 per gallon, premium gas averages $4.29 per gallon and diesel fuel averages $4.35 per gallon.
A year ago, the price of regular gas in Massachusetts was $3.67 per gallon.