PROVIDENCE – The average price of self-serve, regular unleaded gasoline in Rhode Island soared to a record-high $4.17 per gallon, 58 cents more than last week and 11 cents higher than the national average, AAA Northeast said on Monday.
“The extraordinary volatility in global oil markets stems from the Russian invasion of Ukraine and the question of whether the United States and NATO will impose sanctions on the Russian oil and gas industry. As that issue continues to be debated today, the market will see significant upward pressure on petroleum-related commodities,” said Lloyd Albert, senior vice president of public and government affairs for AAA Northeast, in a statement. “The 45-cent increase in gas prices here in the U.S. over the past seven days amounts to the single-largest increase since AAA has tracked domestic gas prices. The negative impact of these explosive prices on American consumers will only increase in the near term.”
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This is the first time since 2008 that gas has risen above $4 per gallon in U.S. history, according to reports from AAA.
The nation’s previous all-time high for average gasoline prices was set on July 17, 2008, at $4.10 per gallon.
One year ago, the average price for regular unleaded gasoline in Rhode Island was $2.69 per gallon.
Midgrade gas in Rhode Island averaged $4.43 per gallon Monday.
Premium gas averaged $4.67 per gallon.
Diesel fuel averaged $4.74 per gallon.
In Massachusetts, the average price of regular gas rose 54 cents week to week to a record-high $4.16 per gallon, 10 cents above the national average.
One year ago, the average price for regular unleaded gasoline in Massachusetts was $2.68 per gallon.
Midgrade gas in Massachusetts averaged $4.38 per gallon Monday.
Premium gas averaged $4.61 per gallon.
Diesel fuel averaged $4.73 per gallon.
On Sunday, California had the highest average price per gallon among U.S. states at $5.29, while Missouri had the lowest at around $3.60.
(Material from the Associated Press was used in this report.)
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