Rhode Island Gas Prices Rocket; Up 26 Cents from Monday
Friday, March 04, 2022
Rhode Island’s average gas price is up 26 cents from Monday ($3.59), averaging $3.85 per gallon. Today’s price is the highest since October of 2012, and the highest one-week jump since September of 2017.
Friday’s price is 44 cents higher than a month ago ($3.41), and $1.19 higher than March 4, 2021 ($2.66). Rhode Island’s average gas price is 2 cents higher than the national average.
“The price of crude oil started today over $111 per barrel due to the invasion of Ukraine, and will likely increase with continuing conflict,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “Improving weather will lead to more driving, increased gasoline demand, and higher prices. Pain at the pump could continue for weeks or months to come.”
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“The U.S. is less vulnerable to the Russia-Ukraine crisis than what you would see in Europe,” said Seema Shah, chief strategist at Principal Global Investors. For now, she said, “The market is looking at [the situation] and saying the U.S. economy is strong.”
AAA Northeast’s March 4 survey of fuel prices found the current national average to be 22 cents higher than Monday ($3.61), averaging $3.83 a gallon. Today’s national average price is 41 cents higher a month ago ($3.42), and $1.09 higher than this day last year ($2.74).
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