Gas prices steady, poised for seasonal decline

09 January, 2018, 01:01 | Author: Jeffery Armstrong
  • Gas prices likely to rise in 2018

The average price of a gallon of regular unleaded gas in Rhode Island grew to $2.53, while the average price of a gallon of regular unleaded in MA grew to $2.48. The Florida average of $2.44 was unchanged.

On Gasbuddy, a gas pricing app, the average price for a gallon of gas ranges from $2.23 to $2.29 with gas stations along Sugarloaf Parkway in Lawrenceville and Duluth having the lowest prices at $2.19 a gallon. West Texas Intermediate crude settled at a four-year high above $62 a barrel last week as global supply levels tightened.

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Prices at the pump remain elevated due to strong oil prices.

AAA Northeast said gas prices are up two cents in Rhode Island and up five cents in MA. The first two months of the year are typically the times of year that gasoline demand is at its weakest, and with builds in gasoline stock anticipated next week, prices will have a hard time going much higher in the short term. That price point is then lowered later in the year as a result of low demand. "Unfortunately, springtime is as a springboard for prices at the pump, and we may see a 40 to 50 cent jump by the summer". Since last autumn's maintenance season was interrupted by hurricanes, this spring is likely to be more active than usual for refineries, putting the price hike on the higher end of that 30- t0 75-cent scale, AAA said.

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