AAA: Average Rhode Island gas price drops 2 cents | National

The declines in retail pump prices came even as oil and gas markets moved higher last week after the U.S. announced a fresh round of U.S. sanctions against the Russian petroleum industry. Crude prices finished the week about $4 a barrel higher on concerns that global petroleum supply could be impacted by the sanctions, which target two of Russia’s largest oil companies.

Even with the spike in crude prices, oil is still considered inexpensive by recent historical standards, trading in the low $60 a barrel range. Before the recent spike, prices dipped to a low of $57 a barrel on Oct. 16, which marked the lowest price for crude since February of 2021.

Turning to domestic supply and demand, both declined last week, according to the Energy Information Administration (EIA). Even with production climbing 134,000 barrels a day to 9.61 million barrels a day, domestic inventories of gasoline fell 2.1 million barrels to 216.7 million barrels, which is roughly 3 million above last year’s figure. Demand slipped a negligible 2,000 barrels a day to 8.45 million barrels a day—380,000 barrels a day below the comparable week in 2024.

“Even with a surge in oil prices, crude prices are about $10 lower than they were this time last year,” AAA spokesman Mark Schieldrop said. “Right now, pump prices are trending down on expectations for softer demand typically seen this time of year.”

The average gas price in Rhode Island is down 5 cents from last week ($2.94), averaging $2.92 per gallon. Today’s price is 15 cents lower than a month ago ($3.07) and 5 cents lower than this day last year ($2.97). Rhode Island’s average gas price is 13 cents lower than the national average.

AAA Northeast’s Oct. 27 survey of fuel prices found the current national average up 2 cents from last week ($3.03), averaging $3.05 per gallon. Today’s national average price is 8 cents lower than a month ago ($3.13) and 8 cents lower than this day last year ($3.13).

Mississippi and Louisiana have the lowest prices in the nation at $2.58 and $2.59, respectively. California and Hawaii hold the highest prices in the nation this week at $4.59 and $4.47 respectively. Rhode Island holds the 26th place on the list of highest gas prices in the nation.