Home Economy Economic Activity R.I., Mass., gas prices hold below national average ahead of Christmas travel

R.I., Mass., gas prices hold below national average ahead of Christmas travel

By

PBN Staff

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12/23/2024

Consumer Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island remained at $2.94 per gallon. That price is 10 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 remained at $2.94 per gallon. That price is 10 cents lower than the national average, AAA Northeast said Monday. Last week, oil and gas prices were down on average as commodities traders again turned their attention to stubbornly weak global demand expectations through

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island remained at $2.94 per gallon. That price is 10 cents lower than the national average, AAA Northeast said Monday. Last week, oil and gas prices were down on average as commodities traders again turned their attention to stubbornly weak global demand expectations through next year, sending oil prices lower by about 3% to end the week. From an inventory perspective, domestic stockpiles of crude oil grew by 900,000 barrels and although total gasoline inventories fell by 2.3 million barrels, Northeast inventories bucked that trend and grew by 1.3 million barrels. Demand, meanwhile, remains seasonally strong as 107 million Americans are expected to drive 50 miles or more over the holiday period between Dec. 21 and Jan. 2, according to AAA’s holiday travel forecast. An ample 8.9 million barrels a day were consumed domestically last week, according to the Energy Information Administration, and strong figures are likely when the numbers are tallied for this week. But markets are bracing for a sharp drop in demand after the break – often referred to as the winter demand doldrums – which is typical for this time of year. “Like the weather outside, regional gasoline prices seem frozen in time,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Prices could continue to remain stuck in this range as we enter the depths of winter.” Midgrade gas in Rhode Island averages $3.62 per gallon, premium gas averages $3.96 per gallon and diesel fuel averages $3.70 per gallon. A year ago, the price of regular gas in Rhode Island was $3.12 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gas also remained at $3.02 per gallon. A year ago, the price of regular gas in Massachusetts was $3.24 per gallon. Midgrade gas in the Bay State averages $3.59 per gallon, premium gas averages $3.97 per gallon and diesel fuel averages $3.66 per gallon.