Rhode Island gas prices down 3 cents as demand remains weak | Westerly

Rhode Island gas prices down 3 cents as demand remains weak | Westerly
Rhode Island gas prices down 3 cents as demand remains weak | Westerly

PROVIDENCE — Less travel this spring is resulting in lower prices at the pump, but will it continue as Memorial Day approaches?

It all hinges on demand, which has remained relatively weak through spring. Last week, demand figures from the Energy Information Administration showed that Americans consumed less fuel than the comparable week last year, a recurring trend since the start of the year, according to AAA Northeast.

At the same time, the nation’s refiners are increasing production ahead of the summer driving season and that’s causing inventories to swell. In the Northeast, gasoline supplies increased by nearly 1 million barrels and now stand 2 million barrels above what was in storage this time last year.

“Growing inventories and middling consumption are pushing prices down,” said Jillian Young, director of public relations for AAA Northeast. “This should be welcome news for some of the nearly 44 million people AAA is forecasting to travel over the Memorial Day holiday. Lower prices at the pump means more money in the pocket for lodging, souvenirs and admission to parks and events.”

The average gas price in Rhode Island is down 3 cents from last week, averaging $3.60 per gallon. Today’s price is 24 cents higher than a month ago and 18 cents higher than on the same day last year.

Rhode Island’s average gas price is 1 cent lower than the national average of $3.61.

AAA Northeast’s May 13 survey of fuel prices found the current national average down four cents from last week. The national average is 2 cents lower than a month ago and 8 cents higher than on the same day last year.

—Jason Vallee

 
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