Rhode Island’s average gas price is down 1 cent from last week, averaging $3.34
per gallon. Monday’s price is 4 cents lower than a month ago, and 98 cents higher than January 24, 2021. Rhode Island’s average gas price is 1 cent higher than the national average.
Despite typical low seasonal demand for gasoline, pump prices are clawing their way higher around the country. The national average for a gallon of gas is $3.33, two cents more than a week ago. The culprit is the rising price for oil, which is now bobbing around $85 per barrel, nearly $20 more than in November. Last week, both OPEC and U.S. energy officials said the COVID-19 Omicron variant is no longer expected to slow the continued recovery of petroleum demand in 2022. Despite this, OPEC and its allies are maintaining their planned modest production increases and will not dramatically ramp up output. The result will be a continued tight supply of oil.
“As long as the price for oil remains elevated, consumers will be feeling it at the pump,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast.
AAA Northeast’s January 24 survey of fuel prices found the current national average to be 2 cents higher than last week, averaging $3.33
a gallon. Today’s national average price is 5 cents higher a month ago, and 94 cents higher than this day last year.
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