PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island continues to slide this week, falling 5 cents to $2.94 per gallon as crude oil prices declined to the lowest levels in four years, AAA Northeast said Monday.
The average price stood at $3.12 a month ago and $2.99 a year ago. As of now, Rhode Island’s average price is 9 cents lower than the national average, which this week is $3.03, down 5 cents from a week ago.
“Oil prices are now at levels not seen since early 2021 when millions of Americans drove less as they grappled with the impacts of the COVID-19 pandemic,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Cheaper oil, coupled with seasonal demand trends, is weighing heavily on retail pump prices.”
As of Monday, Oklahoma and Texas have the lowest prices in the nation at $2.50 and $2.59, respectively. California and Hawaii hold the highest prices in the nation at $4.63 and $4.47, respectively. Rhode Island ranks 22nd on the list of highest gas prices.
The Energy Information Administration reported a substantial drop in U.S. refinery utilization last week, falling from 92.4% to 85.7% as domestic refiners step up their seasonal maintenance efforts.
But AAA said oil and gas markets remain focused on the potential for a global oil glut in the coming months as OPEC and member nations continue to ramp up production. Here in the United States, despite a drop in refinery utilization, production remains at near-record levels.
There has been a softer demand for gasoline, according to the EIA. Total domestic demand fell to 8.45 million barrels a day – a decline of nearly 500,000 barrels over the prior week. The figure is not out of line with expectations for this time of year and contributed to an uptick in supplies here in the Northeast.
Midgrade gas in Rhode Island averages $3.67 per gallon this week, premium gas averages $4.08 per gallon and diesel fuel averages $3.77 per gallon.
The average price of self-serve, regular unleaded gasoline is lowest in Rhode Island's Bristol County at $2.89 per gallon, and highest in Washington County at $3.02 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gasoline decreased 2 cents to $3.01 per gallon. In Bristol County, Mass., it averages $2.84. Midgrade gas in the Bay State averages $3.63 per gallon; premium gas averages $4.00 per gallon and diesel fuel averages $3.82 per gallon.
