Gas prices in R.I., Mass. soar to near $5 per gallon

THE AVERAGE PRICE of self-serve, regular unleaded gasoline reached record highs and closer to $5 per gallon in both Rhode Island and Massachusetts due to rising oil prices. / DAVID ZALUBOWSKI / ASSOCIATED PRESS

PROVIDENCE – The average price of self-serve, regular unleaded gasoline has reached a record high near $5 per gallon in both Rhode Island and Massachusetts due to rising oil prices. 

In Rhode Island, regular unleaded gasoline increased to $4.94 per gallon, 23 cents more than last week and 8 cents higher than the national average, AAA Northeast said on Monday.        

One year ago, the average price for regular unleaded gasoline in Rhode Island was $2.96 per gallon. 

The agency said cost of a barrel of oil is nearing $120, nearly double from last August, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand rose last week in the wake of a robust Memorial Day weekend of travel. As a result, the national average for a gallon of gas surged 25 cents in one week to hit $4.86. 

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“People are still fueling up, despite these high prices,” said Lloyd Albert, senior vice president of public and government affairs for AAA Northeast. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.” 

Midgrade gas in Rhode Island averaged $5.33 per gallon Monday.    

Premium gas averaged $5.62 per gallon.   

Diesel fuel averaged $6.30 per gallon.   

In Massachusetts, the average price of regular gas increased 18 cents from a week ago to $4.96 per gallon.   

One year ago, the average price for regular unleaded gasoline in Massachusetts was $2.93 per gallon.   

Midgrade gas in Massachusetts averaged $5.27 per gallon Monday.   

Premium gas averaged $5.55 per gallon.   

Diesel fuel averaged $6.23 per gallon. 

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