PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 1 cent, to $2.92 per gallon. That price is 20 cents lower than the national average and 38 cents less than a year ago, AAA Northeast said Monday.
Gas prices locally held relatively steady over the past week amid a significant drop in domestic demand, at a time when the latter usually rises, according to the Energy Information Administration. Total product demand – which includes gasoline, propane and other oil-derived products – fell 2.2 million barrels a day, the agency reported.
Market prices for oil and gasoline did rise slightly, after several moves by the Trump administration to increase pressure on Venezuela and Iranian oil production, which could reduce global availability of crude oil. The Treasury Department last week issued penalties against a Chinese refinery for allegedly buying Iranian oil that is under U.S. sanctions. That action came on the heels of the Trump administration earlier this month revoking Chevron’s license to pump oil in Venezuela.
“As gasoline prices remain relatively flat across the Northeast, the gap between pump prices this year and last continues to widen,” said Jillian Young, director of public relations for AAA Northeast. “In some areas, prices are … 30-40 cents cheaper than this time last year.”
Midgrade gas in Rhode Island averages $3.62 per gallon this week, premium gas averages $3.99 per gallon and diesel fuel averages $3.78 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas is unchanged from a week ago at $2.95 cents per gallon. That price is 17 cents lower than the national average and 35 cents less than a year ago.
Midgrade gas in the Bay State averaged $3.53 per gallon, premium gas averaged $3.90 per gallon and diesel fuel averaged $3.81 per gallon.