AAA: Average Rhode Island pump price up a penny as crude spikes | National

On Friday, crude oil prices spiked immediately following reports of hostilities between Israel and Iran and finished the trading week more than 10% higher than the start of trading last Monday, settling above $70 a barrel for the first time since March.

Locally, the average gas price in Rhode Island is up a penny from last week ($2.97), averaging $2.98 per gallon. Today’s price is a penny lower than a month ago ($2.99) and 43 cents lower than a year ago ($3.41). Rhode Island’s average gas price is 16 cents lower than the national average. 

“Higher crude oil costs and stronger demand typically put upward pressure on gasoline prices, but the long-term impact of the recent escalation of conflict in the Middle East remains to be seen,” said Jillian Young, director of public relations for AAA Northeast. “The potential for global supply disruptions can move crude prices higher, but continued near-record domestic production of oil and gas can soften the short-term impact on pump prices.”

AAA Northeast’s June 16 survey of fuel prices found the current national average up 2 cents from last week ($3.12), averaging $3.14 per gallon. Today’s national average price is 5 cents lower than a month ago ($3.19) and 30 cents lower than this day last year ($3.44).

Mississippi and Tennessee have the lowest prices in the nation at $2.66 and $2.70, respectively. California and Hawaii hold the highest prices in the nation this week at $4.65 and $4.47, respectively. Rhode Island holds the 24th place on the list of lowest gas prices in the nation.