NEWS

Gas prices drop 13 cents, but still $1.44 higher than last year

Posted 3/23/22

Rhode Island’s average gas price is down 13 cents from last week, averaging $4.22 per gallon. Monday's price was 68 cents higher than a month ago, and $1.44 higher than March 21, 2021.. Rhode …

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NEWS

Gas prices drop 13 cents, but still $1.44 higher than last year

Posted

Rhode Island’s average gas price is down 13 cents from last week, averaging $4.22 per gallon. Monday's price was 68 cents higher than a month ago, and $1.44 higher than March 21, 2021.. Rhode Island’s average gas price is 3 cents lower than the national average.

After hitting a record $4.33 on March 11, the national average for a gallon of gasoline has fallen to $4.25. The primary reason is the lower global price of crude oil, which peaked shortly after Russia launched its war in Ukraine, but is now more than $20 lower and hovering near $105/bbl. Domestically, gasoline demand is defying seasonal trends and has dipped slightly, perhaps in response to higher prices at the pump.

“Usually this time of year, with warmer weather and longer days, we’d see an uptick in gasoline demand as more people hit the road,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “But demand was down slightly last week, likely due in part to higher pump prices. As geopolitical tensions continue unabated, we can expect to see more volatility in oil prices, leading to significant fluctuations in the price of gasoline and diesel in the near-term.”

AAA Northeast’s March 21 survey of fuel prices found the current national average to be 7 cents lower than last week, averaging $4.25 a gallon. Today’s national average price is 72 cents higher a month ago , and $1.37 higher than this day last year ($2.88).

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