AAA: Average Rhode Island gas price stays parked | Westerly

Nearly 70% of U.S. crude oil imports come from Canada and Mexico, with the bulk coming from Canada. Last week, domestic refiners imported 3.7 million barrels of oil a day from Canada — more than half the 6.4 million barrels a day of total imports, according to the Energy Information Administration (EIA). While most American-made gasoline stays in the U.S. and is used by American consumers, refiners do rely on imports of crude to supplement production of gasoline and other refined products.

Before the tariff announcement on Saturday, oil and gasoline prices were trending down, with domestic crude prices falling by 2.85% to end the week after the EIA reported inventory builds of both crude and gasoline. In the Northeast, gasoline supplies increased by 1.8 million barrels and similar inventory gains were reported across the rest of the country.

Locally, the average gas price in Rhode Island is unchanged from last week ($3), averaging $3 per gallon. Today’s price is 7 cents higher than a month ago ($2.93) and 10 cents lower than a year ago ($3.10). Rhode Island’s average gas price is 9 cents lower than the national average. 

“While tariffs can play a role in gas prices, they are one factor among many,” said Jillian Young, director of public relations, AAA Northeast. “Fluctuations in gas prices do depend on the price of crude oil, but also on supply and demand and other global events, so time will tell how much impact will be felt at the pump.”

AAA Northeast’s Feb. 3 survey of fuel prices found the current national average down 3 cents from last week ($3.12), averaging $3.09 gallon. Today’s national average price is 3 cents higher than a month ago ($3.06) and 6 cents lower than this day last year ($3.15).