PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dipped 3 cents to $3.01 per gallon this week. That is 6 cents lower than the national average, AAA Northeast said on Monday.
The wintry weather gripping a large portion of the country is producing a mixed bag when it comes to the cost of a gallon of gasoline, the agency said Monday. Prices are up in some states and down in others as both demand and production are seeing cold-related impacts.
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A similar interplay of competing forces can be seen in oil prices – a primary driver of gasoline prices – which continue to oscillate between $70 and $80 a barrel. Ongoing tensions in the Middle East, particularly in the critical Red Sea shipping corridor, would ordinarily send oil prices higher. But the International Energy Agency last week reported weaker-than-expected global oil demand, led by sluggishness in the Chinese economy.
“Output at more than a dozen domestic refineries was affected by the bitter cold last week, but demand was down as well,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “All things considered, we might be seeing some of the lowest prices of the year. Historically, pump prices reach their lowest in January and February before domestic refiners pause production for maintenance and the switchover to summer blend fuel as spring approaches.”
Midgrade gas in Rhode Island averages $3.66 per gallon, premium gas averages $4.02 per gallon and diesel fuel averages $4.19 per gallon, AAA Northeast said.
A year ago, the price of regular gas in Rhode Island was $3.34 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline is down 2 cents from last week to $3.11 per gallon.
Midgrade gas in the Bay State averages $3.69 per gallon, premium gas averages $4.05 per gallon and diesel fuel averages $4.15 per gallon.
A year ago, the price of regular gas in Massachusetts was $3.36 per gallon.
