News Summary
Rhode Island’s average price for a gallon of regular unleaded gasoline has decreased to $3.01, marking a 2-cent drop from last week and a 41-cent drop from last year. This price is 13 cents lower than the national average of $3.14, with Rhode Island benefiting from stable gasoline inventories and a lack of significant price spikes despite refinery challenges. Diesel prices have also remained steady, reflecting a slight improvement for consumers. Overall, the trend in declining gas prices is encouraging for Rhode Island residents.
Rhode Island Gas Prices Continue to Decline as Supply Remains Stable
The average price of a gallon of regular unleaded gasoline in Rhode Island has decreased to $3.01, down 2 cents from the previous week when it was $3.03. This latest figure also reflects a 5-cent decrease from a month ago, when prices were at $3.06. When compared to this time last year, the current price represents a notable 41-cent drop from $3.42.
Rhode Island’s average gas price is currently 13 cents lower than the national average of $3.14. The national average price remained unchanged from last week, although it has decreased by 5 cents over the past month and by 46 cents compared to last year.
In a broader view, Mississippi and Oklahoma record the lowest gas prices in the nation at $2.70 and $2.72, respectively. Conversely, Hawaii and California are experiencing the highest gas prices, currently at $4.48 and $4.47.
Gas Supply and Regional Context
Rhode Island ranks 24th in the nation for the lowest gas prices, benefiting from healthy gasoline inventories that have helped stabilize prices in the region. Jillian Young from AAA Northeast indicated that a recent refinery outage at the Bayway refinery in New Jersey has not caused price spikes due in large part to these robust inventories.
Additionally, the price of diesel fuel in Rhode Island is currently $3.81, which remains unchanged from the previous week. This price is also $0.30 lower than a year ago, indicating a slight improvement for consumers relying on this fuel type.
Historical Trends in Gas Prices
Historically, gasoline prices have varied significantly in Rhode Island, with the highest recorded price reaching $5.02 on June 13, 2022. The current figures demonstrate a marked improvement when compared to that peak, suggesting a stabilization of fuel costs for residents across the state.
Overall, the decline in gas prices in Rhode Island mirrors national trends but is notable in its relative stability in the face of regional supply challenges. As prices continue to fluctuate, drivers will be watching closely to see if this trend persists in the coming weeks.
Deeper Dive: News & Info About This Topic
- The Westerly Sun
- Wikipedia: Gasoline
- W.Va. News
- Google Search: Rhode Island gas prices
- Providence Business News
- Encyclopedia Britannica: Gasoline
- What’s Up Newp
- Google News: Rhode Island gas prices
