Home Economy Economic Activity Surge in oil prices yet to affect gas pumps in R.I., Mass.

Surge in oil prices yet to affect gas pumps in R.I., Mass.

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PBN Staff

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06/16/2025

US Gas Prices — THE AVERAGE weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 1 cent to $2.98 per gallon. That price is 16 cents lower than the national average and 43 cents less than a year ago, AAA Northeast said Monday. /ASSOCIATED PRESS FILE PHOTO/DAVID ZALUBOWSKI

PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 1 cent to $2.98 per gallon. That price is 16 cents lower than the national average and 43 cents less than a year ago, AAA Northeast said Monday. Northeast pump prices are largely staying put for now despite a sharp rise in crude

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 1 cent to $2.98 per gallon. That price is 16 cents lower than the national average and 43 cents less than a year ago, AAA Northeast said Monday. Northeast pump prices are largely staying put for now despite a sharp rise in crude oil prices and rebounding domestic gasoline demand, the agency said. On June 13, crude oil prices spiked immediately following reports of hostilities between Israel and Iran and finished the trading week more than 10% higher than the start of trading, settling above $70 a barrel for the first time since March. However, the strength of domestic oil and gas production tempered price increases at the pump, AAA Northeast said. Last week, U.S. refiners increased output for a second straight week, leading to a 1.6-million-barrel build in gasoline stockpiles. About 900,000 of those barrels landed in the Northeast, bringing regional inventories to 59.4 million barrels – up about 600,000 barrels compared to the comparable week in 2024 and not far from the five-year average of 61.9 million barrels. “Higher crude oil costs and stronger demand typically put upward pressure on gasoline prices, but the long-term impact of the recent escalation of conflict in the Middle East remains to be seen,” said Jillian Young, director of public relations for AAA Northeast. “The potential for global supply disruptions can move crude prices higher, but continued near-record domestic production of oil and gas can soften the short-term impact on pump prices.” Midgrade gas in Rhode Island averages $3.69 per gallon this week, premium gas averages $4.08 per gallon and diesel fuel averages $3.78 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gasoline remained unchanged from a week ago at $2.99 per gallon. That price is 15 cents lower than the national average and 46 cents less than a year ago. Midgrade gas in the Bay State averages $3.58 per gallon, premium gas averages $3.95 per gallon and diesel fuel averages $3.75 per gallon.