PROVIDENCE — Motorists in the northeast have enjoyed watching prices continue to inch lower at the pump as gloomier demand forecasts grip global petroleum markets.
The average gas price in Rhode Island is down three cents from last week, averaging $2.91 per gallon. Today’s price is nine cents lower than a month ago and 44 cents lower than on the same day last year. Rhode Island’s average gas price is 16 cents lower than the national average.
“Normally, higher demand and tightening supplies would send prices climbing, but markets are more focused on the long-term global demand picture at this time,” said Jillian Young, director of public relations for AAA Northeast. “A key factor keeping prices steady has been the continued pace of strong domestic oil and gas production throughout 2024.”
Crude oil prices ended last week down almost $5 a barrel after both OPEC+ and the International Energy Agency slashed their demand projections for 2025, citing China’s limping economy and the potential for a global gasoline production surplus of more than one million barrels a day.
Domestically, prices for petroleum commodities are lower despite last week’s data from the Energy Information Administration that showed a 555,000 barrel a day surge in domestic demand week-to-week. The increase took many market participants by surprise, and is expected to be revised lower in future reports by the agency, which is not uncommon.
Total demand for last week was a reported 9.3 million barrels a day — 434,000 barrels more than the comparable week last year and more akin to figures seen during the summer driving season. At the same time, regional inventories that supply the Northeast fell by 2.8 million barrels, sending stockpiles below last year’s levels by 1.3 million barrels.
AAA Northeast’s Nov. 18 survey of fuel prices found the current national average down a penny from last week, averaging $3.07 gallon. Today’s national average price is 12 cents cheaper than a month ago and 25 cents lower than on the same day last year.
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