Rhode Island’s average gas price is down 11 cents from last week ($4.71), averaging $4.60 per gallon. Today’s price is 38 cents lower than a month ago ($4.98), and $1.56 higher than July 18, 2021 ($3.04). Rhode Island’s average gas price is 8 cents higher than the national average.
The steady decline is due to lower domestic demand for gasoline at the pump and a much lower global price for oil. The cost of a barrel of oil is in the mid-$90s, down from around $110 two weeks ago.
“Global economic news is pushing oil prices lower and less expensive oil leads to lower pump prices,” said Lloyd Albert, Senior Vice President of Government and Public Affairs for AAA Northeast. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”
AAA Northeast’s July 18 survey of fuel prices found the current national average to be 15 cents lower than last week ($4.67), averaging $4.52 a gallon. Today’s national average price is 46 cents lower than a month ago ($4.98), and $1.36 higher than this day last year ($3.16).
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