PROVIDENCE – Although U.S. gas prices dipped below the $4 mark, both Rhode Island and Massachusetts still remain well above the national average.
AAA said Thursday the national average for a gallon of gas was $3.99, the first time in five months the price was below the $4 mark since March 5.
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Prices have dropped 15 cents in the past week and 68 cents in the last month, the agency said.
Oil prices began rising in mid-2020 as economies recovered from the initial shock of the pandemic. They rose again when the U.S. and allies announced sanctions against Russian oil over Russia’s war against Ukraine.
Recently, however, oil prices have dropped on concern about slowing economic growth around the world. U.S. benchmark crude oil has recently dipped close to $90 a barrel from over $120 a barrel in June.
However in Rhode Island, the average price of self-serve, regular unleaded gasoline Thursday was $4.23 per gallon, 4 cents less than Tuesday and 24 cents above the national average. AAA Northeast predicted on Aug. 8 the state could see prices below $4 by the end of the week.
In Massachusetts, regular unleaded gasoline Thursday was $4.31 per gallon, 4 cents less than Tuesday and 32 cents above the national average.
Motorists in California and Hawaii are still paying above $5, and other states in the West are paying close to that. The cheapest gas is in Texas and several other states in the South and Midwest.
High prices also may be causing U.S. motorists to drive less. Gasoline demand in early August was down 3.3% from the same week last year after tracking more closely to 2021 numbers earlier in the summer.
Prices at the pump are likely to be a major issue heading into the midterm elections in November.
Republicans blame President Joe Biden for the high gasoline prices, seizing on his decisions to cancel a permit for a major pipeline and suspend new oil and gas leases on federal lands.
Biden said over the weekend that a family with two cars is saving $100 a month because prices have dropped from their peak in mid-June.
“That’s breathing room,” he tweeted. “And we’re not letting up any time soon.”
Biden has also sparred with oil companies, accusing them of not producing as much oil and gasoline as they could while posting huge profits. “Exxon made more money than God this year,” he said in June.
Exxon said it has increased oil production. The CEO of Chevron said Biden was trying to vilify his industry.
A year ago, the nationwide average price was around $3.20 a gallon.
(Material from The Associated Press was used in this report)
