Home Economy Economic Activity R.I., Mass. gas prices rise ahead of Fourth of July

R.I., Mass. gas prices rise ahead of Fourth of July

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PBN Staff

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07/01/2024

Consumer Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island increased by 5 cents to $3.43 per gallon this week. That price is 6 cents lower than the national average, AAA Northeast said on Monday. /ASSOCIATED PRESS FILE PHOTO / ROGELIO V. SOLIS

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased by 5 cents to $3.43 per gallon this week. That price is 6 cents lower than the national average, AAA Northeast said on Monday. A year ago, the price of regular gas in Rhode Island was $3.51 per gallon. After a nearly

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased by 5 cents to $3.43 per gallon this week. That price is 6 cents lower than the national average, AAA Northeast said on Monday. A year ago, the price of regular gas in Rhode Island was $3.51 per gallon.

After a nearly two-month streak of declines, gas prices in the Northeast are on the rise – a return to the seasonal trend that’s typical this time of year, the agency said Monday.

Gasoline demand dipped last week to 8.96 million barrels a day, down from 9.38 million barrels a day the prior week, according to the Energy Information Administration. But higher oil prices, increasing worries about an active hurricane season and tightening inventories in our region have caused gas prices to change course. While national gasoline inventories grew by a sizable 2.5 million barrels in total last week, here in the Northeast, about 200,000 barrels were shed from regional storage.

“Now that school’s out and the summer driving season is in full swing, gas prices are trending up on the expectation of stronger demand ahead of the July Fourth holiday,” said Jillian Young, director of public relations for AAA Northeast. “Summer got off to a slow start with low gas demand, but with a record 60 million travelers expected to take road trips for the holiday, higher oil prices and lower regional inventories, prices could continue to climb in the short term.”

Midgrade gas in Rhode Island averages $4.01 per gallon, premium gas averages $4.39 per gallon and diesel fuel averages $4.11 per gallon, AAA Northeast says. In Massachusetts, the average price of self-serve, regular unleaded gas increased 3 cents, to $3.46 per gallon. A year ago, the price of regular gas in Massachusetts was $3.55 per gallon. Midgrade gas in the Bay State averages $4.01 per gallon, premium gas averages $4.38 per gallon and diesel fuel averages $4.06 per gallon.