Rhode Island’s average gas price is down 14 cents from last week ($4.41), averaging $4.27 per gallon. Today’s price is 46 cents lower than a month ago ($4.73), and $1.21 higher than August 9, 2021 ($3.06). Rhode Island’s average gas price is 24 cents higher than the national average.
“Oil accounts for almost 60 percent of pump prices, so with the price of oil dropping, prices at the pump follow suit,” said Lloyd Albert, Senior Vice President of Government and Public Affairs for AAA Northeast. “Couple that with falling demand for gasoline, and you have a recipe for prices continuing to ease. It’s possible that the national average for regular unleaded gas could drop below $4 a gallon by the end of this week.”
AAA Northeast’s August 9 survey of fuel prices found the current national average to be 15 cents lower than last week ($4.18), averaging $4.03 a gallon. Today’s national average price is 66 cents lower than a month ago ($4.69), and 84 cents higher than this day last year ($3.19).
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