PROVIDENCE — The price for a gallon of gasoline is down a penny this week, the result of a “U-turn this week” in national prices, but the trend may not last long.
The national average dropped since last week despite growing gas demand, with the price of oil declining several dollars per barrel and holding steady around or below $80, contributing to lower pump prices. As Labor Day approaches, however, gas demand and volatile oil prices during what has been an active hurricane season could limit how much lower prices descend in the weeks ahead.
“Although the national average did a U-turn this week, the road ahead could lead to higher prices,” said Mark Schieldrop, senior spokesperson for AAA Northeast. “Ongoing concerns regarding potential storm activity could hinder falling pump prices this fall.”
A survey of prices Monday found Rhode Island’s average gas price down 1 cent from last week, averaging $3.75 per gallon. Today’s price is 13 cents higher than a month ago but remains 21 cents lower than on the same day last year.
Rhode Island’s average gas price is 6 cents lower than the national average of $3.81 per gallon.
— Jason Vallee