Gas prices drop in RI, Mass. just in time for holidays

20 December, 2017, 01:18 | Author: Inez Murphy
  • Weak demand plus increased supply are likely to impact pump prices going forward

The price did drop 12 cents from Thanksgiving, when USA gas prices averaged $2.51 a gallon.

Its December 18 evidence-based survey of gas prices across the state show the average price of a gallon of gas is $2.49.

August 30 is the date when gas prices began to rise in anticipation of Hurricane Harvey and the effect it would have on refineries in the Gulf Coast.

AAA Northeast said in Rhode Island, gas prices dropped four cents per gallon, while in MA, the prices dropped three cents per gallon.

But they've been declining for five straight weeks, as refineries produce more gasoline than motorists are consuming, leaving markets oversupplied, AAA spokesman Mark Jenkins said.

"More than 97 million Americans will begin to hit the road this week for the holidays - the most ever on record", said Jeanette Casselano, AAA spokesperson.

Today's price is 2 cents less than a week ago ($2.51) and 11 cents less than a month ago.

Christmas Day gas prices are expected to be the highest since 2013, according to a projection from GasBuddy. In Newland, around 2.37 a gallon, and in West Jefferson around 2.18 a gallon.

Though the gas price will be the highest in years, it's also down from where prices were at Thanksgiving.

State of Tennessee- $2.18, down 3.3 cents per gallon from last week's $2.22.

"As long as demand for gasoline continues to weaken, gasoline inventories will continue growing and it'll be the gift that keeps on giving", he said.

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