PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island was $3.73 per gallon on Monday, 7 cents higher than last week but still 9 cents below the national average, according to AAA Northeast.
The agency said Monday the recent surge in gas prices is largely being driven by more optimism about the economy and higher oil prices, which increased last week for the sixth week in a row as OPEC+ production cuts take hold and tighten global markets.
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“Last month’s extreme heat played a role in the recent spike in gas prices due to some refineries pulling back, but now operations are getting back to normal,” said Mark Schieldrop, public affairs specialist for AAA Northeast. “Coupled with tepid demand and oil prices trending somewhat lower, this may help take the steam out of the tight supply price jolts we’ve seen lately.”
Midgrade gas in Rhode Island averaged $4.31 per gallon on Monday, while premium gas averaged $4.66 per gallon and diesel fuel averaged $4.25 per gallon.
In Massachusetts, the average price of regular gas increased 7 cents from last week to $3.74 per gallon.
The price of regular gas in the Bay State one year ago was $3.74 per gallon.
Midgrade gas in Massachusetts averaged $4.21 per gallon on Monday, while premium gas averaged $4.57 per gallon and diesel fuel averaged $4.25 per gallon.
