PROVIDENCE — Uncertainty surrounding international oil prices isn’t impacting prices at the pump, with U.S. gasoline costs continuing to decline despite market volatility.
A survey of prices across Rhode Island on Monday found the average price for a gallon of regular unleaded had dropped 6 cents over the past week to $3.57 per gallon, according to AAA Northeast. The price is 15 cents lower than a month ago, but still remains 3 cents higher than on the same day last year.
“Domestic gasoline prices have continued their daily decline despite uncertainty and volatility gripping oil markets last week after the outbreak of war in Israel and fresh sanctions against Russia for selling oil for more than $60 a barrel in violation of earlier price caps imposed by G7 nations in response to last year’s invasion of Ukraine,” said Mark Schieldrop, AAA Northeast senior spokesperson.
“Meanwhile, domestic oil production reached an all-time high last week and demand remains tepid, which suggests further price drops at the pump in the weeks ahead,” he said.
Rhode Island’s average price is 3 cents lower than the national average. Monday’s survey found the current national average to be 10 cents lower than last week at $3.60 per gallon. Today’s national average price is 27 cents lower than a month ago and 28 cents lower than on the same day last year.
— Jason Vallee