PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dipped by 3 cents to $3.08 per gallon this week. That is 2 cents lower than the national average, AAA Northeast said on Tuesday.
Strong gasoline demand over the holidays and ongoing tensions in the Red Sea weren’t enough to prevent gas prices from ending 2023 with declines, the agency said.
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As oil markets continue to watch for impacts from shippers reliant on the Red Sea to move cargo, American refiners continue to produce gasoline at a strong clip. Consequently, regional inventories remain plentiful even as Americans traveled at near-record levels between Christmas and New Year’s Day.
“Ample supply of gasoline is keeping a lid on prices and oil traders seem to be shrugging off the situation in the Red Sea for now,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Prices could remain lower for the time being since demand typically cools in January.”
Midgrade gas in Rhode Island averages $3.72 per gallon, premium gas averages $4.06 per gallon and diesel fuel averages $4.25 per gallon, AAA Northeast said.
A year ago, the price of regular gas in Rhode Island was $3.25 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline is down 3 cents from last week to $3.20 per gallon.
Midgrade gas in the Bay State averages $3.80 per gallon, premium gas averages $4.14 per gallon and diesel fuel averages $4.21 per gallon.
A year ago, the price of regular gas in Massachusetts was $3.35 per gallon.
