Rhode Island’s average gas price is the same as last week ($3.76), averaging $3.76 per gallon. Today’s price is .25 cents higher than a month ago ($3.51), and .32 cents lower than Aug. 21, 2022 ($4.08). Rhode Island’s average gas price is nine cents lower than the national average.
Oil prices ended lower last week for the first time since June on concerns about weaker demand from an economically-stressed China—the world’s the world’s largest importer of oil—and an expectation that the Federal Reserve will continue raising interest rates, which can cool domestic demand for gasoline.
“Gas prices are flat as the summer driving season comes to a close,” said Mark Schieldrop, AAA Northeast Public Affairs Specialist. “Late summer gasoline demand has softened as Americans shift from vacation planning to back-to-school preparations. But the calm in gas markets could end abruptly in the coming weeks depending on hurricane activity over the Atlantic Ocean. One large storm can cause significant disruption to coastal oil and gas infrastructure.”
AAA Northeast’s Aug. 21 survey of fuel prices found the current national average to be one cent higher than last week ($3.85), averaging $3.86 a gallon. Today’s national average price is .28 cents higher than a month ago ($3.58) and is .04 cents lower than this day last year ($3.90).
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