Home Economy Economic Activity R.I., Mass. gas prices remain frozen despite rise in demand

R.I., Mass. gas prices remain frozen despite rise in demand

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PBN Staff

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02/17/2025

US Gas Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island remained at $3 per gallon for the third consecutive week. That price is 16 cents lower than the national average, according to AAA Northeast. /ASSOCIATED PRESS FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island remained at $3 per gallon for the third consecutive week. That price is 16 cents lower than the national average, according to AAA Northeast on Monday. Midgrade gas in Rhode Island averaged $3.70 per gallon this week, premium gas averaged $4.05

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island remained at $3 per gallon for the third consecutive week. That price is 16 cents lower than the national average, according to AAA Northeast on Monday. Midgrade gas in Rhode Island averaged $3.70 per gallon this week, premium gas averaged $4.05 per gallon and diesel fuel averaged $3.83 per gallon. Midgrade and diesel gas prices each dropped by 2 cents from the previous week, AAA Northeast says, while premium gas prices dropped by 1 cent. A year ago, the price of regular gas in Rhode Island was $3.14 per gallon. Stubborn inflation, tariff fears and expectations for higher interest rates in the coming months are acting as headwinds for oil and gas markets, holding prices down on the assumption of weaker economic activity, the agency said. Plus, markets reacted positively last week to stronger demand and headlines describing peace discussions in the Middle East, and between Russia and Ukraine. Overall, crude oil prices, AAA Northeast said, ended marginally lower last week – the fourth straight week of declines – and the price for U.S.-produced oil is now 9.1% lower than in mid-January. Meanwhile, gasoline demand rose last week to 8.57 million barrels a day, according to the U.S. Energy Information Administration – an increase of 250,000 barrels a day week over week, AAA Northeast said. That’s higher than the comparable weeks of 2023 and 2024 and demand so far in 2025 has outpaced last year by roughly 1%. Higher demand is good for domestic refiners, who have been increasingly concerned about the potential for an oversupply of winter-blended fuel before they officially switch to producing summer blend by April, the agency said. National inventories of gasoline fell last week by 3 million barrels, which was the first drop in supplies in three months. “Refiners are beginning the process of emptying their tanks of winter blend and transitioning to summer blend production,” said Jillian Young, AAA Northeast's director of public relations. “Historically, pump prices start climbing in the late weeks of winter, but this year, regional prices are staying put so far thanks to cheaper oil and sizable gasoline inventories.” In Massachusetts, the average price of self-serve, regular unleaded gas stayed the same as last week at $3.03 per gallon. That price is 13 cents lower than both the national average and 16 cents less than a year ago. Midgrade gas in the Bay State averaged $3.60 per gallon, premium gas averaged $3.98 per gallon and diesel fuel averaged $3.83 per gallon. All respective gas prices dropped by 1 cent from the previous week.