Rhode Island’s average gas price is up ten cents from last week ($3.26), averaging $3.36 per gallon. Today’s price is 29 cents higher than a month ago ($3.07), and $1.25 higher than October 25, 2020 ($2.11). Rhode Island’s average gas price is 2 cents lower than the national average. Nationally, prices have risen for 27 consecutive days.
“With the U.S. economy slowly recovering from the depths of the pandemic, demand for gas is robust, but the supply is tight,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “We haven’t seen prices this high since September of 2014.”
The recent rise in the pump price is due to higher demand coupled with a decline in stocks alongside elevated crude prices. Global oil production is still below pre-pandemic levels. According to new data from the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 5.4 million barrels to 217.7 million last week. However, gasoline demand increased from 9.19 million barrels per day to 9.63 million. Since the cost of oil accounts for more than half of the pump price, consumers will be paying more as long as crude prices remain high.
AAA Northeast’s October 25 survey of fuel prices found the current national average to be 6 cents higher than last week ($3.32), averaging $3.38 a gallon. Today’s national average price is 20 cents higher than a month ago ($3.18), and $1.22 higher than this day last year ($2.16).
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