After surging by double digits a week ago, gasoline prices rose modestly in the Northeast last week on weakening demand and lower oil prices.
The Energy Information Administration reported …
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After surging by double digits a week ago, gasoline prices rose modestly in the Northeast last week on weakening demand and lower oil prices.
The Energy Information Administration reported national gasoline demand fell from 8.6 to 8.4 million barrels a day last week. That’s nearly 1.1 million fewer barrels per day of demand than the comparable week last year. Meanwhile, oil prices remain below $90 a barrel, which will help ease pressure on gas prices.
The average gas price in Rhode Island is up 4 cents from last week ($3.59), averaging $3.63 per gallon. Today’s price is 33 cents higher than a month ago ($3.30) and 13 cents higher than April 29, 2023 ($3.50). Rhode Island’s average gas price is 2 cents lower than the national average.
“The switchover to summer blend earlier this month spiked pump prices in the Northeast, but weak demand is sapping the momentum for further price increases,” said Jillian Young, Director of Public Relations, AAA Northeast. “As we enter a seasonal lull in travel before Memorial Day and the unofficial start of the summer driving season, prices could level off—or even fall—in the interim. When it comes to gasoline prices, driving-fueled demand is always in the driver’s seat.”
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