Rhode Island’s average gas price is down 7 cents from last week ($4.97), averaging $4.90 per gallon. Today’s price is 20 cents higher than a month ago ($4.70), and $1.91 higher than June 27, 2021 ($2.99). Rhode Island’s average gas price is 1 cent higher than the national average.
A drop in the global price of oil helped the national average for a gallon of gas to fall for a second week to land at $4.89. Economic fears of a potential global recession leading to less demand for oil dropped the price to around $107 per barrel, down from $110 last week.
“Fear is not a good reason to move a market like the one for oil, but it is a powerful motivator,” said Lloyd Albert, Senior Vice President of Government and Public Affairs for AAA Northeast. “The cost of oil accounts for nearly $3 for every $4.89 at the gas pump. Consumers should find more relief when fueling up if oil prices drop further.”
AAA Northeast’s June 27 survey of fuel prices found the current national average to be 9 cents lower than last week ($4.98), averaging $4.89 a gallon. Today’s national average price is 30 cents higher than a month ago ($4.59), and $1.80 higher than this day last year ($3.09).
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