Home Economy Economic Activity R.I., Mass. gas prices rise as market braces for Hurricane Beryl’s impact

R.I., Mass. gas prices rise as market braces for Hurricane Beryl’s impact

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PBN Staff

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07/08/2024

US Gas Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island increased by 4 cents to $3.47 per gallon this week. That price is 3 cents lower than the national average, AAA Northeast says. / AP FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased by 4 cents to $3.47 per gallon this week. That price is 3 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.51 per gallon. Surging demand,

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased by 4 cents to $3.47 per gallon this week. That price is 3 cents lower than the national average, AAA Northeast said Monday. A year ago, the price of regular gas in Rhode Island was $3.51 per gallon. Surging demand, higher oil costs and concerns about Hurricane Beryl’s potential effect on refinery operations in southern Texas are driving up Northeast pump prices, AAA Northeast said. Texas is the country's top crude oil and gas processing state, accounting for one-third of the nation’s total refining capacity, according to AAA Northeast. As a result, production disruptions at any of the Lone Star State’s 32 petroleum refineries can impact pump prices nationwide. News outlets have reported some crude oil export facilities, refineries and offshore platforms in the area activated emergency plans and reduced or shut down production. Over the weekend, several key Texas ports closed in preparation for the storm, which made landfall along the Texas coast early Monday. Beyond hurricane threats, oil and gas markets continue moving higher as Americans take to the roads for the summer driving season. Gasoline demand reached 9.4 million barrels a day for the week ending June 28, the most recent demand figures available from the Energy Information Administration. As demand reached the highest level so far this year, inventories of gasoline fell by 2.2 million barrels. “Demand increasing and supply decreasing is a recipe for higher pump prices,” said Jillian Young, director of public relations for AAA Northeast. “Add to the mix not just the current impact of Hurricane Beryl, but concerns about increased activity across the entire hurricane season, and it’s certainly not unusual to see an upward trend.” Midgrade gas in Rhode Island averages $4.09 per gallon, premium gas averages $4.42 per gallon and diesel fuel averages $4.11 per gallon, AAA Northeast said. In Massachusetts, the average price of self-serve, regular unleaded gas increased 4 cents, to $3.50 per gallon. A year ago, the price of regular gas in Massachusetts was $3.55 per gallon. Midgrade gas in the Bay State averages $4.04 per gallon, premium gas averages $4.41 per gallon and diesel fuel averages $4.05 per gallon.