R.I., Mass. gas prices unchanged as oil prices drop

THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island was $3.76 per gallon on Monday, same as last week and still 9 cents below the national average, according to AAA Northeast. /ASSOCIATED PRESS FILE PHOTO / JOHN RAOUX

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island was $3.76 per gallon, same as last week and still 9 cents below the national average, according to AAA Northeast on Monday. 

The automotive and travel agency said oil prices decreased last week for the first time since June due to concerns about weaker demand from an economically-stressed China — the world’s the world’s largest importer of oil — and an expectation that the Federal Reserve will continue raising interest rates, which can cool domestic demand for gasoline.   

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“Gas prices are flat as the summer driving season comes to a close,” said Mark Schieldrop, AAA Northeast public affairs specialist. “Late summer gasoline demand has softened as Americans shift from vacation planning to back-to-school preparations. But the calm in gas markets could end abruptly in the coming weeks depending on hurricane activity over the Atlantic Ocean. One large storm can cause significant disruption to coastal oil and gas infrastructure.” 

Midgrade gas in Rhode Island averaged $4.37 per gallon, while premium gas averaged $4.71 per gallon and diesel fuel averaged $4.32 per gallon, AAA Northeast said. 

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In Massachusetts, the average price of regular gas was the same as last week at $3.77 per gallon.       

The price of regular gas in the Bay State one year ago was $4.17 per gallon.      

Midgrade gas in Massachusetts averaged $4.27 per gallon on Monday, while premium gas averaged $4.61 per gallon and diesel fuel averaged $4.35 per gallon. 

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