PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island soared to $4.35 per gallon, 18 cents more than last week and 3 cents higher than the national average, AAA Northeast said on Monday.
The agency said the price of crude oil has fallen bellow $100 per barrel after cresting above $123 shortly after Russia’s invasion of Ukraine. If the oil price decline continues it may remove some of the extreme upward price pressure consumers have found at the pump, but not all, AAA noted.
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“It bears reminding that the cost of oil accounts for about 50% of what drivers pay at the pump,” said Lloyd Albert, senior vice president of public and government affairs for AAA Northeast. “This war is roiling an already tight global oil market and making it hard to determine if we are near a peak for pump prices, or if they keep grinding higher. It all depends on the direction of oil prices.”
One year ago, the average price for regular unleaded gasoline in Rhode Island was $2.76 per gallon.
Midgrade gas in Rhode Island averaged $4.70 per gallon Monday.
Premium gas averaged $4.92 per gallon.
Diesel fuel averaged $5.20 per gallon.
In Massachusetts, the average price of regular gas rose 19 cents week to week to $4.35 per gallon.
One year ago, the average price for regular unleaded gasoline in Massachusetts was $2.75 per gallon.
Midgrade gas in Massachusetts averaged $4.65 per gallon Monday.
Premium gas averaged $4.87 per gallon.
Diesel fuel averaged $5.20 per gallon.
