Growing inventories depress gas prices

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Gasoline prices in Rhode Island are down four cents this week, according to AAA Northeast.

AAA’s June 17 survey of prices in Rhode Island finds self-serve, regular unleaded averaging $2.72 per gallon. Rhode Island’s price is four cents higher than the national average for regular unleaded of $2.68. A year ago at this time, the average price in Rhode Island was twenty-one cents higher at $2.93.

“The decline in prices is unusual for this time of year as prices usually trend higher during the summer months due to increased demand,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “This year, however, growing gasoline inventories are contributing to relief at the pump as we head into summer.”

The range in prices in the latest AAA survey for unleaded regular is 30 cents, from a low of $2.58 to a high of $2.88. AAA advises motorists to shop around for the best prices in their area, and to make sure they and their passengers buckle up — every time.

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