PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island rose by 1 cent on Monday, to $2.95 per gallon. That price is 7 cents lower than the national average, according to AAA Northeast.
“Thinly traded oil and gas markets are a major reason pump prices aren’t moving much, even with strong demand through the holidays,” said Jillian Young, director of public relations for AAA Northeast. “With gasoline demand expected to fall sharply after the holidays, pump prices are unlikely to break out of hibernation in the short term.”
Oil prices last week rose slightly by 1.6% on optimism that global crude demand will pick up after an improved outlook from the World Bank about the potential for economic growth in China, the world’s largest oil importer. Petroleum prices have been suppressed all year on weak global demand.
Domestically, gasoline demand topped a robust 9 million barrels a day last week, according to the Energy Information Administration. That’s in line with expectations for a busy holiday travel season. Strong production helped increase Northeast inventories by about 1 million barrels and counterbalance increases in crude prices, said AAA.
A year ago, the price of regular gas in Rhode Island was $3.09 per gallon.
Midgrade gas in Rhode Island this week averages $3.59 per gallon, premium gas averages $3.92 per gallon and diesel fuel averages $3.70 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas is unchanged from last week at $3.02 per gallon. That price is 2 cents lower than the national average and 22 cents lower than ago.
Midgrade gas in the Bay State averages $3.58 per gallon, premium gas averages $3.95 per gallon and diesel fuel averages $3.66 per gallon.