News Summary
Rhode Island has witnessed a minor decrease in self-serve regular unleaded gasoline prices, now averaging $2.97 per gallon. While this is 15 cents below the national average and 47 cents lower than last year, the price may rise due to a new 10% tariff on gas imports from Canada. Experts predict a potential increase of 20 to 40 cents per gallon as the region grapples with additional costs. Consumers are advised to use apps to find better prices amid this volatility in the market.
Rhode Island has seen a slight decrease in the average price of self-serve, regular unleaded gasoline, now at $2.97 per gallon, which is down by 1 cent from the previous week. This price is 15 cents lower than the national average and shows a significant decrease of 47 cents compared to a year ago, according to recent statistics released by AAA Northeast.
In Providence, the average gas price has dipped to $2.95 per gallon, a decrease of 2 cents from last week. Gas prices throughout the Northeast region are also on a declining trend as the oil and gas markets adjust. However, this downward movement may be short-lived due to a new development that could drive prices back up in the coming weeks.
Beginning at midnight, President Trump’s administration imposed a 10 percent tariff on gasoline and diesel imports from Canada. This new tariff is expected to have a significant impact on gas prices in New England, where many states, including Rhode Island, rely heavily on fuel supplied by refineries in New Brunswick, Canada, which is now subjected to the additional cost. Experts predict that due to this tariff, gas prices in the region could soon surge above the $3 per gallon mark.
Patrick De Haan, an expert in petroleum analysis from GasBuddy, has projected that gas prices might increase by anywhere between 20 to 40 cents per gallon in the weeks following the tariff implementation. These tariffs are expected to affect consumers directly, as local refineries will be unable to absorb the heightened costs associated with importing gasoline and diesel. Therefore, consumers will likely see an uptick in retail gas prices, as businesses pass on these additional costs.
There are further factors contributing to the potential rise in gas prices. Seasonal changes, such as the maintenance of refineries and the mandated switch to summer gasoline required by the Environmental Protection Agency (EPA), are likely to exacerbate the issue. This seasonal phase usually leads to price fluctuations already, and the added burden of tariffs is expected to compound the pre-existing challenges faced by consumers.
To help combat rising costs at the pump, consumers are encouraged to utilize apps like GasBuddy, Google Maps, or Waze. These applications can assist in finding the best gas prices in the area, potentially saving users between 10 to 20 cents per gallon.
The long-term impact of the newly imposed tariffs remains uncertain, contingent on the duration for which they are enforced. While Trump has expressed support for the tariffs as a measure against unfair trade practices, economists caution that it will ultimately be consumers who bear the brunt of the resulting price increases. As the nation continues to adapt to these changes in trade policies, gas prices in Rhode Island and the surrounding New England area may see significant volatility in the near future.
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