PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island increased to $3.34 per gallon, 7 cents higher than last week but still 26 cents lower than the national average, according to AAA Northeast.
OPEC’s announcement that it will cut production by over 1 million barrels per day took the oil market by surprise, the agency said Monday. In response, crude immediately surged well above $80 a barrel, although it has since struggled to stay above that mark.
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“The oil market has had some time to digest the OPEC news and speculate about the reason. This has led to the price of oil stabilizing for now,” said Diana Gugliotta, director of Public Affairs for AAA Northeast, “but the cost of oil accounts for more than 50% of what we pay at the pump, so drivers may not catch a break at the pump anytime soon.”
Midgrade gas in Rhode Island averaged $3.90 per gallon on Monday, while premium gas averaged $4.25 per gallon and diesel fuel averaged $4.57 per gallon.
In Massachusetts, the average price of regular gas increased by 7 cents from a week ago, to $3.34 per gallon.
One year ago, the average price for regular unleaded gasoline in the Bay State was $4.12 per gallon.
Midgrade gas in Massachusetts averaged $3.87 per gallon on Monday, while premium gas averaged $4.22 per gallon and diesel fuel averaged $4.55 per gallon.
