Home Economy Economic Activity R.I., Mass. gas prices keep going up; oil prices ease Monday

R.I., Mass. gas prices keep going up; oil prices ease Monday

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PBN Staff

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03/16/2026

US Gas Prices — THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island climbed 24 cents from last week’s price to $3.56 per gallon, AAA Northeast said Monday. That price is 15 cents lower than the national average and 64 cents higher than it was a year ago. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – Gasoline prices in Rhode Island and Massachusetts continue to climb as the conflict in the Middle East intensifies. The average weekly price of self-serve, regular unleaded gasoline in Rhode Island climbed 24 cents from last week’s price to $3.56 per gallon, AAA Northeast said Monday. That price is 15 cents lower than the national average and 64 cents

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PROVIDENCE – Gasoline prices in Rhode Island and Massachusetts continue to climb as the conflict in the Middle East intensifies. The average weekly price of self-serve, regular unleaded gasoline in Rhode Island climbed 24 cents from last week’s price to $3.56 per gallon, AAA Northeast said Monday. That price is 15 cents lower than the national average and 64 cents higher than it was a year ago. The driver for the continuous spike at the pumps once again was the price of oil, though there are some encouraging signs. A barrel of benchmark U.S. crude fell 5.3% Monday to $93.57, easing some pressure off the economy after topping $102 earlier in the morning and $103 on March 13. Brent crude, the international standard, fell 2% to $101.09 per barrel after getting as high as $106.50. It's a reprieve, for now at least, after oil prices spiked from roughly $70 before the United States and Israel began their attacks on Iran. In response, Iran has effectively halted traffic through the narrow Strait of Hormuz, where one-fifth of the world’s oil typically sails from the Persian Gulf to customers worldwide. That has oil producers cutting production because their crude has nowhere to go. Markets are increasingly focused on the potential for supply shortages with the current situation in the Strait of Hormuz. Measures announced last week by the U.S. and other western countries to address short-term supply woes failed to ease those fears in markets. On March 11, the International Energy Agency authorized the release of 400 million barrels of crude from strategic reserves and on the following day, the U.S. lifted sanctions on about 20 million barrels of seaborn Russian crude. President Donald Trump over the weekend demanded that other countries hurt by the closure of the Strait of Hormuz “take care of that passage” and said this country “will help - A LOT!” “While lifting sanctions and releasing oil from strategic reserves might address some immediate supply shortages around the globe, many market participants view those moves as signs for concern,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Additionally, while the 400 million barrels released by the IEA might sound like a large number, it represents just 20 days of pre-conflict output from the Strait of Hormuz.” Midgrade gas in Rhode Island averages $4.23 per gallon, premium gas averages $4.66 per gallon and diesel fuel averages $5.13 per gallon. In Massachusetts, the average weekly price of self-serve, regular unleaded also is up 24 cents at $3.55 per gallon. That price is 16 cents less than the national average and 65 cents higher than it was a year ago. Midgrade gas in the Bay State averages $4.11 per gallon, premium gas averages $4.51 per gallon and diesel fuel averages $5.10 per gallon. (Material from The Associated Press was used in this story.)