Home Economy Economic Activity R.I., Mass. gas prices rising but still well below national average

R.I., Mass. gas prices rising but still well below national average

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PBN Staff

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04/08/2024

consumer prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island increased 3 cents to $3.33 per gallon this week. That is 26 cents lower than the national average, AAA Northeast said on Monday. /ASSOCIATED PRESS FILE PHOTO /JOHN RAOUX

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 3 cents to $3.33 per gallon this week. That is 26 cents lower than the national average, AAA Northeast said on Monday. The agency said the price for a gallon of gasoline keeps climbing slowly and ahead of the summer driving season.

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 3 cents to $3.33 per gallon this week. That is 26 cents lower than the national average, AAA Northeast said on Monday. The agency said the price for a gallon of gasoline keeps climbing slowly and ahead of the summer driving season. But the price increases could soon accelerate. Fuel retailers across New England are days away from being supplied with their first deliveries of summer blend fuel, which is more expensive to produce and will cost gas stations more to buy from wholesalers. At the same time, crude oil prices, already up 10% over the past 30 days and 20% since the start of the year, could stay elevated after last week’s announcement by OPEC and its allies that they will extend production cuts through the summer. Additionally, the agency warns, heightened tensions in the Middle East and ongoing drone attacks by Ukraine on Russian oil infrastructure are keeping prices elevated. “Record travel for the solar eclipse could bring a spike in gasoline demand at the same time regional inventories are tightening,” said Jillian Young, director of public relations for AAA Northeast. “Last week, Northeast inventories fell by 2.7 million barrels as retailers sell off the remaining winter blend in the system. Higher oil prices, coupled with strong domestic demand and declining inventories, will keep the pressure on pump prices.” Midgrade gas in Rhode Island averages $3.93 per gallon, premium gas averages $4.29 per gallon and diesel fuel averages $4.27 per gallon, AAA Northeast said. A year ago, the price of regular gas in Rhode Island was $3.24 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gas increased 1 cent to $3.32 per gallon. Midgrade gas in the Bay State averages $3.87 per gallon, premium gas averages $4.22 per gallon and diesel fuel averages $4.22 per gallon. A year ago, the price of regular gas in Massachusetts was $3.33 per gallon.