PROVIDENCE — A rise in U.S. gasoline costs attributable to a mix of frigid climate and strong vacation journey could also be coming to an finish after costs fell nationally for the primary time since Christmas Eve.
A survey of gasoline costs in Rhode Island carried out via AAA Northeast on Monday discovered self-serve, common unleaded gasoline averaging $3.24 per gallon. The worth marks a 1 cent drop over the previous week, and the typical R.I. worth now sits 4 cents decrease than the nationwide common.
Whereas the nationwide common worth rose day by day beginning on Christmas Eve, when it was $3.09, pump costs not too long ago flattened after which fell by a penny over the weekend. The nationwide common for a gallon of gasoline is now $3.28 per gallon.
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“As we head towards February, pump costs will doubtless dip, barring any jolt within the world oil market,” mentioned Diana Gugliotta, director of public affairs for AAA Northeast, “however it’s nonetheless potential that the nationwide common costs we noticed heading into Christmas could have been the lows for this winter.”
AAA Northeast’s Monday survey of gasoline costs discovered the present nationwide common to be 7 cents greater than final week, averaging $3.28 a gallon. Right this moment’s nationwide common worth is 3 cents decrease than a month in the past and a pair of cents decrease than the identical day final 12 months.
The silver lining of inflation: Rhode Island’s tourism economy benefited from $5.6 billion in visitor spending in 2023, according to new research by a state commissioned consultant.
A presentation by international firm Tourism Economics for Rhode Island Commerce Corporation showed visitor spending grew more than twice as fast as the increase in the number of visitors in 2023. The 28.4 million people who traveled to the Ocean State in 2023 is 2.2% higher than the prior year, but their total spending on travel, food, lodging and entertainment grew 4.6% year-over-year.
That’s driven by demand growth as well as price hikes for commodities and services, according to the research.
More than one-quarter of the direct spending, 26%, stemmed from food and beverage sales. Lodging, including hotels, second houses and short-term rentals, was the second-highest expense, contributing $1.2 billion.
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Air transportation saw the biggest annual increase, up 10.2%, to $328 million in 2023. Rhode Island Airport Corporation, the quasi-public entity that manages the state’s airports, gets a share of revenue from passengers on flights, as well as fees for the airlines to land, use hangar space, and other related services.
In March 2023, Breeze Airways opened a permanent base at Rhode Island T.F. Green International Airport, with plans to invest $160 million and hire up to 250 employees over the next five years. Commerce awarded the Utah-based airline $2.9 million in tax credits tied to the job creation plans.
Commerce has also experimented with various destination marketing ploys, from giant, traveling stuffed quahogs to the $2.2 million “All That” ad campaign rolled out in February of this year.
“The economic activity generated from the travel sector represents a critical component of the state’s current and future growth,” Anika Kimble-Huntley, Commerce’s chief marketing officer, said in a statement. “The Commerce team will continue to work with our great partners, statewide, to support the upward trajectory of tourism and record-breaking visitation.”
Visitor count and direct spending in 2023 broke prior state records, exceeding pre-pandemic numbers. However, the number of jobs tied to the state’s tourism economy remains slightly below its 2019 peak.
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The 38,329 jobs directly tied to the tourism economy in 2023 remains about 1,000 jobs, or 2.5%, below 2019 levels. Including jobs that indirectly benefited from tourism, 2023 activity helped to sustain 86,612 jobs, while generating $935 million in state and local tax revenues, according to the research.
“Tourism plays a vital role in Rhode Island’s economy by creating jobs, supporting our local businesses, and showcasing everything that makes our state a premier destination,” Commerce Secretary Liz Tanner said in a statement. “I applaud the dedicated efforts of the tourism team at Rhode Island Commerce and all others in the industry that helped reach this accomplishment.”
Including direct spending, jobs and tax revenue, the visitor economy totaled $8.3 billion in 2023, a 4.5% increase over the prior year.
The research reflects federal labor and jobs statistics, state and local tax revenues, short-term rental information and information from market research group Longwoods International.
Brown men’s basketball coach Mike Martin speaks after a Bears win Sunday
The Bears recorded 27 assists and 15 made-threes, the most assists in at least a decade, the close out the College Hill Classic on Sunday night.
Kino Lilly Jr. and Tyonne Farrell took home some hardware as college basketball season cruised past the halfway point of its opening month.
Lilly was named the Ivy League Player of the Week and Farrell repeated as the Atlantic 10 Rookie of the Week. The guard from Brown and forward from the University of Rhode Island received their respective honors on Monday afternoon.
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Lilly posted three 20-point games in as many nights for the Bears at their College Hill Classic, which was played at the Pizzitola Center. He hit for 26 points in an opening Friday win over New Hampshire and collected 20 in a closing Sunday victory over Sacred Heart. Lilly was 14-for-29 from 3-point range and posted 13 assists.
Lilly set a Brown program mark in the middle game against Holy Cross, surpassing JR Hobbie as the all-time leader in 3-pointers. Hobbie connected 257 times from beyond the arc in his 115 games, a career that ran from 2013-17. Lilly is currently at 264 makes from deep through 91 career games, starting with the Bears in 2021.
Farrell recorded a first career double-double in a blowout of Franklin Pierce, totaling 10 points and 10 rebounds in the 105-73 triumph. Farrell added six assists and two steals in just 22 minutes, as the Rams pulled away in the second half. He was a plus-22 in the box score.
Farrell is the first URI freshman to win consecutive conference rookie honors since E.C. Matthews grabbed four straight in 2013-14. That string was broken by teammate Hassan Martin — both cornerstones were among the first recruiting class brought in by former coach Dan Hurley. Farrell looks to have the makings of an impact talent for the Rams, starting each of his first three career games.
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Brown will be back in action on Saturday at Canisius. URI returns sooner, hosting Lafayette in a 7 p.m. tip on Wednesday. The two teams will renew their rivalry series on Dec. 10 on the East Side.
PROVIDENCE — Motorists in the northeast have enjoyed watching prices continue to inch lower at the pump as gloomier demand forecasts grip global petroleum markets.
The average gas price in Rhode Island is down three cents from last week, averaging $2.91 per gallon. Today’s price is nine cents lower than a month ago and 44 cents lower than on the same day last year. Rhode Island’s average gas price is 16 cents lower than the national average.
“Normally, higher demand and tightening supplies would send prices climbing, but markets are more focused on the long-term global demand picture at this time,” said Jillian Young, director of public relations for AAA Northeast. “A key factor keeping prices steady has been the continued pace of strong domestic oil and gas production throughout 2024.”
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Crude oil prices ended last week down almost $5 a barrel after both OPEC+ and the International Energy Agency slashed their demand projections for 2025, citing China’s limping economy and the potential for a global gasoline production surplus of more than one million barrels a day.
Domestically, prices for petroleum commodities are lower despite last week’s data from the Energy Information Administration that showed a 555,000 barrel a day surge in domestic demand week-to-week. The increase took many market participants by surprise, and is expected to be revised lower in future reports by the agency, which is not uncommon.
Total demand for last week was a reported 9.3 million barrels a day — 434,000 barrels more than the comparable week last year and more akin to figures seen during the summer driving season. At the same time, regional inventories that supply the Northeast fell by 2.8 million barrels, sending stockpiles below last year’s levels by 1.3 million barrels.
AAA Northeast’s Nov. 18 survey of fuel prices found the current national average down a penny from last week, averaging $3.07 gallon. Today’s national average price is 12 cents cheaper than a month ago and 25 cents lower than on the same day last year.