Rhode Island’s average gas price is up 58 cents from last week $3.59, averaging $4.17 per gallon. This is the highest average price ever recorded by AAA in Rhode Island. Monday’s price is 74 cents higher than a month ago, and $1.48 higher than March 7, 2021. Rhode Island’s average gas price is 11 cents higher than the national average.

“The extraordinary volatility in global oil markets stems from the Russian invasion of Ukraine and the question of whether the United States and NATO will impose sanctions on the Russian oil and gas industry. As that issue continues to be debated today, the market will see significant upward pressure on petroleum-related commodities,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “The 45-cent increase in gas prices here in the U.S. over the past 7 days amounts to the single largest increase since AAA has tracked domestic gas prices. The negative impact of these explosive prices on American consumers will only increase in the near term.”

 AAA Northeast’s March 7 survey of fuel prices found the current national average to be 45 cents higher than last week, averaging $4.06 a gallon. The national average hasn’t been this high since July 2008. Today’s national average price is 62 cents higher a month ago, and $1.30 higher than this day last year.