PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island dropped by 4 cents to $3.49 per gallon this week. That is 4 cents less than the national average, AAA Northeast said on Monday.
The agency said the drop in prices is due to domestic refiners hitting their summer stride. Last week, gasoline output from U.S. refiners reached 10.019 million barrels a day – the highest level of 2024 so far, according to the Energy Information Administration.
Also, gross inputs, a measure of how much crude oil and other components were refined into gasoline and other products, reached 17.37 million barrels a day, the highest levels since January 2020, AAA Northeast says. All that production is helping to keep inventories robust and is easing the pressure on pump prices, the agency says.
“Ample supplies of gasoline and strong domestic production are key factors in recent price declines, buoyed by tepid demand so far this year,” said Jillian Young, AAA Northeast's director of public relations. “Many petroleum market participants are eyeing the EIA’s release later this week of demand figures from the Memorial Day holiday for guidance. If production continues at its current clip, even spectacular demand over the holiday weekend might do little to move pump prices higher.”
Midgrade gas in Rhode Island averages $4.12 per gallon, premium gas averages $4.46 per gallon and diesel fuel averages $4.19 per gallon, AAA Northeast says. A year ago, the price of regular gas in Rhode Island was $3.51 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas dropped 2 cents, to $3.51 per gallon.
Midgrade gas in the Bay State averages $4.04 per gallon, premium gas averages $4.41 per gallon and diesel fuel averages $4.11 per gallon. A year ago, the price of regular gas in Massachusetts was $3.52 per gallon.