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R.I., Mass. gas prices decrease slightly as global demand remains weak

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PBN Staff

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07/22/2024

THE AVERAGE WEEKLY PRICE weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped by 2 cents to $3.45 per gallon this week, AAA Northeast said Monday. /AP FILE PHOTO/JOHN RAOUX — THE AVERAGE WEEKLY PRICE of self-serve, regular unleaded gasoline in Rhode Island dropped by 2 cents to $3.45 per gallon this week, AAA Northeast said Monday. /AP FILE PHOTO/JOHN RAOUX

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped by 2 cents to $3.45 per gallon this week. That price is 5 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.53 per gallon. AAA Northeast says oil

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped by 2 cents to $3.45 per gallon this week. That price is 5 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.53 per gallon. AAA Northeast says oil and gas contract prices in the futures market fell to lows not seen in more than a month due to multiple reasons. Among them, the agency says, are global oil and gas demand remaining week, particularly from China, and domestic gas demand fell back to levels slightly lower than at this time last year. Meanwhile, AAA Northeast says markets have been cooling after growing sentiment that prices may have overheated earlier this summer on anticipation of an active hurricane season. With no significant storm activity in the Atlantic since Hurricane Beryl, AAA Northeast says commodities traders have been trimming their expectations, which puts downward pressure on prices. “While hurricane season runs through November, the current lull in Atlantic tropical storm activity has helped fuel recent declines in oil and gas prices, which now seem to be following the seasonal trend of gradual decline after the Independence Day holiday period,” AAA Northeast spokesperson Jillian Young says in a statement. “With Northeast inventories above year-ago levels, prices might continue to slide during the dog days of summer.” Midgrade gas in Rhode Island averages $4.10 per gallon, down 1 cent from last week; premium gas averages $4.45 per gallon, up 1 cent from last week; and diesel fuel averages $4.12 per gallon, up 1 cent from last week, AAA Northeast said. In Massachusetts, the average price of self-serve, regular unleaded gas decreased by 1 cent, to $3.50 per gallon. A year ago, the price of regular gas in Massachusetts was $3.56 per gallon. Midgrade gas in the Bay State averages $4.05 per gallon, premium gas averages $4.42 per gallon and diesel fuel averages $4.04 per gallon, all unchanged from the previous week.