Home Economy Economic Activity R.I., Mass. gas prices dip as market braces for Hurricane Debby

R.I., Mass. gas prices dip as market braces for Hurricane Debby

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PBN Staff

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08/05/2024

Consumer Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island dropped 1 cent to $3.40 per gallon this week. That price is 7 cents lower than the national average, AAA Northeast said Monday. /ASSOCIATED PRESS FILE PHOTO / ROGELIO V. SOLIS

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 1 cent to $3.40 per gallon this week. That price is 7 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.73 per gallon. As Hurricane Debby

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped 1 cent to $3.40 per gallon this week. That price is 7 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.73 per gallon. As Hurricane Debby makes landfall in Florida, fears about a slowdown in the U.S. economy are sending oil and gas prices lower, the agency said. Last week, petroleum markets reacted to the Bureau of Labor Statistics report that U.S. job growth in July rose at a slower than expected rate by sending crude oil prices down sharply on fears of an economic slowdown. The price for a barrel of crude oil has now fallen in each of the last four weeks, from about $85 at the beginning of July to the $70 a barrel range at the start of August. With oil prices now in territory not seen since February, gasoline prices are likely to continue descending. “The steep decline in crude oil prices is overshadowing an otherwise strong second half for the summer driving season and fresh tropical storm activity in the Southeast,” said Jillian Young, director of public relations for AAA Northeast. “Last week, domestic demand for gasoline reached 9.2 million barrels a day – a slight decline from the prior week but still a strong figure – and well above the comparable week last year. But strong demand might not be enough to keep pump prices from falling alongside the broader market.” Midgrade gas in Rhode Island averages $4.03 per gallon, premium gas averages $4.38 per gallon and diesel fuel averages $4.08 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gas decreased by 2 cents, to $3.46 per gallon. A year ago, the price of regular gas in Massachusetts was $3.73 per gallon. Midgrade gas in the Bay State averages $4.00 per gallon, premium gas averages $4.38 per gallon and diesel fuel averages $4.02 per gallon.