News Summary
Rhode Island’s average gas price has increased by 4 cents, now at $3.05 per gallon. This reflects a rise of 2 cents from last month but is significantly lower than last year’s price of $3.40. The state ranks 27th in the nation for gas prices, remaining 10 cents below the national average of $3.15. The increase in prices is attributed to rising demand and tightening inventories as the summer season approaches, while diesel prices remain steady at $3.81 per gallon.
Rhode Island Gas Prices Increase Amid Rising Demand and Tightening Supplies
Rhode Island’s average gas price has seen a minor increase of 4 cents, bringing the price to $3.05 per gallon. This current price reflects a slight rise of 2 cents compared to the $3.03 reported a month ago. However, the present average cost is significantly lower, by 35 cents, than the same time last year when prices were $3.40.
Despite the recent increase, Rhode Island’s average gas price remains 10 cents lower than the national average, which currently stands at $3.15 per gallon, a marginal rise of 1 cent from the previous week. The national average has remained stable over the last month, with prices overall 32 cents lower than a year ago when the average was $3.47.
In terms of state rankings, Rhode Island is positioned 27th for the highest gas prices across the United States. The state’s gas prices still fall short compared to the lowest average in the nation, found in Mississippi at $2.70, followed closely by Oklahoma at $2.72. On the opposite end of the spectrum, California holds the highest gas price at $4.49, with Hawaii not far behind at $4.44.
Current Trends and Influences
Experts attribute the increase in Rhode Island’s gas prices to a combination of increased gasoline demand and tightening inventories. As gasoline demand has risen, it closely aligns with typical summer consumption patterns, especially following an earlier dip after the July Fourth celebrations.
Interestingly, Rhode Island’s current diesel price remains steady at $3.81 per gallon, unchanged from the previous week. The yearly change for diesel now stands at a decrease of 30 cents or approximately 7.3%. The historical maximum for diesel was recorded at $6.47 on May 18, 2022.
Historical Context
As state residents and travelers prepare for the upcoming fall season, it will be crucial to monitor how continuing demand and supply chain dynamics will influence gas prices in Rhode Island and across the nation.
Deeper Dive: News & Info About This Topic
- The Westerly Sun
- What’s Up Newp
- Providence Business News
- Providence Journal
- WPRI
- Wikipedia: Gasoline Prices
- Google Search: Rhode Island gas prices
- Google Scholar: Rhode Island gas prices
- Encyclopedia Britannica: Gas Prices
- Google News: Rhode Island gas prices
