NEWS

Gas prices up 2 cents, still lower than national average

Posted 7/1/21

Rhode Island's average gas price is up 2 cents from last week, averaging $2.99 per gallon. Monday's price is 5 cents higher than a month ago and 89 cents higher than June 28, 2020. Rhode Island's average gas price is 10 cents lower than the national

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NEWS

Gas prices up 2 cents, still lower than national average

Posted

Rhode Island’s average gas price is up 2 cents from last week, averaging $2.99

per gallon. Monday’s price is 5 cents higher than a month ago and 89 cents higher than June 28, 2020. Rhode Island’s average gas price is 10 cents lower than the national average.

 While it is typical to see gas prices increase ahead of a holiday, especially during the peak summer driving season, pump price increases as of late have been noticeable.

“Today, 89% of U.S. gas stations are selling regular unleaded for $2.75 or more. That is a stark increase over last July 4 when only a quarter of stations were selling gas for more than $2.25,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “Road trippers will pay the most to fill up for the holiday since 2014.”

Crude oil, and in turn gas prices, are more expensive compared to years past mostly due to three major factors: confidence in worldwide vaccination rollout, global oil demand spikes, and the easing of travel restrictions leading to optimism for leisure travel. Motorists can expect little relief at the pump following the holiday. With crude oil prices likely to continue climbing, gas prices are most likely to see increases through the end of summer. 

AAA Northeast’s June 28 survey of fuel prices found the current national average to be 2 cents higher than last week, averaging $3.09

a gallon. Today’s national average price is 5 cents higher than a month ago, and 92 cents higher than this day last year.

AAA, gas

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