Home Economy Economic Activity R.I., Mass. gas prices dip ahead of Thanksgiving travel

R.I., Mass. gas prices dip ahead of Thanksgiving travel

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PBN Staff

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11/18/2024

Consumer Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island has decreased 3 cents to $2.91 per gallon. That price is 16 cents lower than the national average, 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 has decreased 3 cents to $2.91 per gallon. That price is 16 cents lower than the national average, AAA Northeast said Monday. Northeast gasoline prices continue to inch lower as gloomier global demand forecasts grip petroleum markets, the agency said. Crude

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island has decreased 3 cents to $2.91 per gallon. That price is 16 cents lower than the national average, AAA Northeast said Monday. Northeast gasoline prices continue to inch lower as gloomier global demand forecasts grip petroleum markets, the agency said. Crude oil prices ended last week down about $3 to $5 a barrel after both OPEC+ and the International Energy Agency slashed their demand projections for 2025, citing China’s limping economy and the potential for a global gasoline production surplus of more than 1 million barrels a day. “Normally, higher demand and tightening supplies would send prices climbing, but markets are more focused on the long-term global demand picture at this time,” said Jillian Young, director of public relations for AAA Northeast. “A key factor keeping prices steady has been the continued pace of strong domestic oil and gas production throughout 2024.” AAA projects a record 79.9 million travelers will head 50 miles or more from home over the Thanksgiving holiday travel period. For the first time, AAA’s forecast includes the Tuesday before and the Monday after Thanksgiving Day to better capture the flow of holiday travelers. This year’s projection of nearly 80 million travelers is an increase of 1.7 million people compared to last year and 2 million more than in 2019. Midgrade gas in Rhode Island averages $3.60 per gallon, premium gas averages $3.95 per gallon and diesel fuel averages $3.69 per gallon. A year ago, the price of regular gas in Rhode Island was $3.35 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gas fell by 2 cents, to $3.01 per gallon. A year ago, the price of regular gas in Massachusetts was $3.43 per gallon. Midgrade gas in the Bay State averages $3.48 per gallon, premium gas averages $3.96 per gallon and diesel fuel averages $3.69 per gallon.