Home Economy Economic Activity R.I. gas prices hit $3 per gallon; still well below nation

R.I. gas prices hit $3 per gallon; still well below nation

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PBN Staff

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04/07/2025

Consumer Prices — THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 5 cents, to $3 per gallon. That price is 25 cents lower than the national average and 33 cents less than a year ago, AAA Northeast said Monday. / ASSOCIATED PRESS FILE PHOTO/NAM Y. HUH

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 5 cents, to $3 per gallon. That price is 25 cents lower than the national average and 33 cents less than a year ago, AAA Northeast said Monday. Northeast gas prices are up on tightening gasoline supplies and pricier summer blend fuel reaching

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 5 cents, to $3 per gallon. That price is 25 cents lower than the national average and 33 cents less than a year ago, AAA Northeast said Monday. Northeast gas prices are up on tightening gasoline supplies and pricier summer blend fuel reaching retailers, the agency said. While prices are following typical seasonal trends for now, global market reactions to the Trump administration’s tariffs announced last week could potentially slow the seasonal price climb as crude oil prices fall. By the close of markets on April 4, crude oil prices had fallen roughly $10 a barrel, reaching levels not seen in four years as markets reacted to the tariff announcement on April 3. Along with concerns that the tariffs could quash gasoline demand amid economic fallout, the collapse in the price of crude was accelerated by the surprise announcement by OPEC+ that they’d increase production next month by more than 500,000 barrels a day – 411,000 barrels a day more than expected. Already, many market watchers believe global crude production is outpacing demand. The news of even more oil reaching markets puts additional, significant downward pressure on oil prices, the agency said. “After market routs last week, wholesale prices for summer blended gasoline are now equivalent to winter blend prices seen in February,” said Jillian Young, director of public relations for AAA Northeast. “If markets continue to sag, it could lead to cheaper gasoline prices, but it will take some time for the lower crude and wholesale gasoline prices to reach retail pumps.” Midgrade gas in Rhode Island averages $3.70 per gallon this week, premium gas averages $4.05 per gallon and diesel fuel averages $3.87 per gallon. In Massachusetts, the average price of self-serve, regular unleaded went up 2 cents from a week ago to $2.99 per gallon. That price is 26 cents lower than the national average and 33 cents less than a year ago. Midgrade gas in the Bay State averages $3.56 per gallon, premium gas averages $3.93 per gallon and diesel fuel averages $3.81 per gallon.