Rhode Island’s average gas price is down 5 cents from last week ($3.32), averaging $3.27 per gallon. Today’s price is 14 cents lower than a month ago ($3.41), and 31 cents lower than February 27, 2022 ($3.58). Rhode Island’s average gas price is 9 cents lower than the national average.
The national average for a gallon of gas fell three cents since last week to $3.39. The main reason is the oil price, which fell into the mid $70s per barrel, nearly $5 cheaper than a week ago.
“The cost for oil accounts for 55% of what we pay at the pump,” said Diana Gugliotta, Director of Public Affairs for AAA Northeast, “so higher or lower oil costs will play a major role in the price we pay when fueling up.”
AAA Northeast’s February 27 survey of fuel prices found the current national average to be 5 cents lower than last week ($3.41), averaging $3.36 a gallon. Today’s national average price is 14 cents lower than a month ago ($3.50), and is 24 cents lower than this day last year.
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*Prices as of February 27, 2023
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