News Summary
Rhode Island is experiencing a slight decline in gas prices, now averaging $3.03 per gallon, down 1 cent from last week. This marks a 31-cent drop compared to last year. The national average remains unchanged at $3.13. Analysts link the decrease to supply-demand balance and steady oil prices, with expectations of further changes as production increases. Rhode Island ranks 27th in gas prices nationwide, benefiting slightly from favorable market conditions.
Rhode Island is currently experiencing a slight decrease in gas prices, with the average cost per gallon landing at $3.03. This represents a one cent drop from the previous week, remaining unchanged from the past month, and is now 31 cents lower than the average price of $3.34 from the same time last year. This decline comes as part of a wider trend seen across the Northeastern United States.
The National average gas price remains at $3.13, as reported by a recent AAA Northeast survey. This figure has not changed from last week, though it has dipped by 2 cents compared to a month ago and is 28 cents lower than the national average of $3.41 from the previous year. Meanwhile, the lowest gas prices in the country can be found in Oklahoma and Mississippi, where prices are $2.67 and $2.68, respectively. In contrast, California and Hawaii report the highest averages at $4.49 and $4.45.
The drop in gas prices in Rhode Island is linked to a balance of supply and demand in the petroleum market, alongside steady oil prices, which currently hover in the low- to mid-$60 per barrel range. Analysts are observing the effects of these fluctuations closely, especially as OPEC and allied nations have recently agreed to increase production. This decision is leading to concerns about a potential oversupply in the market later this year, which could further impact gas prices.
It is anticipated that oil prices may decrease to below $60 per barrel as winter approaches. In light of this possibility, experts emphasize the importance of monitoring geopolitical developments and hurricane activity, as these factors could significantly alter market conditions and stability.
With Rhode Island’s gas prices now sitting 10 cents lower than the national average, the state ranks 27th among all states for gas prices. This ranking illustrates a moderately favorable position compared to other regional prices, making Rhode Island residents benefit slightly from the current economic landscape.
In summary, Rhode Island gas prices are showing a slight decline thanks to a stabilized petroleum market and changes in oil production levels. While prices remain consistent over the past month and show a year-over-year decrease, the monitoring of global factors will be essential in determining future trends.
Deeper Dive: News & Info About This Topic
- The Westerly Sun: AAA Average Rhode Island Gas Price Drops
- GoLocalProv: RI Gas Prices Spike
- What’s Up Newp: Gas Prices Changes in Rhode Island
- WPRI: Average Price of Gas Dips Below $3 in Rhode Island
- Rhode Island Current: Gas Tax Hike for RIPTA
- Wikipedia: Gasoline Pricing in the United States
- Google Search: Gas Prices Rhode Island
- Google Scholar: Rhode Island Gas Prices
- Encyclopedia Britannica: Gasoline
- Google News: Rhode Island Gas Prices
Author: STAFF HERE PROVIDENCE WRITER
PROVIDENCE STAFF WRITER The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
