Home Economy Economic Activity Uptick in demand boosts R.I., Mass. gas prices

Uptick in demand boosts R.I., Mass. gas prices

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PBN Staff

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05/05/2025

US Gas Prices — THE AVERAGE WEEKLY price of self-serve, regular unleaded gasoline in Rhode Island increased 2 cents at $2.96 per gallon. That price is 20 cents lower than the national average and 67 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 2 cents to $2.96 per gallon. That price is 20 cents lower than the national average and 67 cents less than a year ago, AAA Northeast said Monday. With some tightening of gasoline inventories and an uptick in demand, pump

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PROVIDENCE – The average weekly price of self-serve, regular unleaded gasoline in Rhode Island increased 2 cents to $2.96 per gallon. That price is 20 cents lower than the national average and 67 cents less than a year ago, AAA Northeast said Monday. With some tightening of gasoline inventories and an uptick in demand, pump prices across the Northeast continue the trend of near-stagnation and remain significantly below last year’s prices, the agency said. A primary factor keeping a lid on gasoline prices is the cost of crude oil, which begins this week at a four-year low after OPEC+ countries over the weekend agreed to increase production through June. The bump in demand comes as gasoline inventories continue to tighten: National inventories declined by 4 million barrels last week, the EIA reported. Refiners have been slow to wrap up spring maintenance activities and are more focused on producing higher-margin jet fuel and diesel, leading to gasoline supplies declining in 11 out of the past 12 weeks. There are now 225 million barrels of gasoline in storage, according to the EIA, down from 229 million the prior week and 227 million last year. “Cheaper oil can wipe out potential price increases that ordinarily would be caused by higher demand and falling inventories,” said Jillian Young, director of public relations for AAA Northeast. “Additionally, market participants are uncertain whether the recent boost in demand is a sign of things to come or just a blip.” Midgrade gas in Rhode Island averages $3.66 per gallon this week, premium gas averages $4.05 per gallon and diesel fuel averages $3.75 per gallon. In Massachusetts, the average price of self-serve, regular unleaded gasoline increased 1 cent from a week ago to $2.97 per gallon. That price is 19 cents lower than the national average and 63 cents less than a year ago. Midgrade gas in the Bay State averages $3.56 per gallon, premium gas averages $3.94 per gallon and diesel fuel averages $3.78 per gallon.