PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island decreased 1 cent to $2.94 per gallon. That price is 8 cents lower than the national average, AAA Northeast said Monday.
The agency said gas prices in the Northeast are idling like a car stuck in a holiday traffic jam, even though oil prices are up on geopolitical upheaval in the Middle East and early signs that Chinese petroleum demand could be improving.
However, U.S. prices
are holding steady after supply and demand data from the Energy Information Administration last week showed sizable builds in gasoline, AAA Northeast said. Nationally, gasoline stocks rose by 5.1 million barrels – the fourth consecutive week of increased holdings. In the Northeast, inventories rose by about 1.3 million barrels. Since mid-November, national gasoline stockpiles have risen by more than 12.8 million barrels.
“Historically, global upheaval and demand forecasts from around the world weighed heavily on domestic crude and gasoline prices, but times have changed thanks to the United States leading the world in production,” said Mark Schieldrop, senior spokesperson for AAA Northeast.
Midgrade gas in Rhode Island averages $3.63 per gallon, premium gas averages $3.96 per gallon and diesel fuel averages $3.70 per gallon.
A year ago, the price of regular gas in Rhode Island was $3.16 per gallon.
In Massachusetts, the average price of self-serve, regular unleaded gas increased 1 cent, to $3.02 per gallon. A year ago, the price of regular gas in Massachusetts was $3.27 per gallon.
Midgrade gas in the Bay State averages $3.60 per gallon, premium gas averages $3.97 per gallon and diesel fuel averages $3.67 per gallon.