RI Gas Price Average Hits New Record High -- Up Nineteen Cents

RI Gas Price Average Hits New Record High -- Up Nineteen Cents

Rhode Island’s average gas price is up 19 cents from last week ($4.18), averaging $4.37 per gallon, AAA announced.

Monday’s price is 34 cents higher than a month ago ($4.03), and $1.49 higher than May 9, 2021 ($2.88). Rhode Island’s average gas price is 5 cents higher than the national average.

Drivers are paying more at the pump as the cost of gasoline moves steadily higher. In the past two weeks, the national average for a gallon of gasoline has risen 20 cents to $4.32, a penny less than the record high set on March 11. 

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The increase is primarily due to the high cost of crude oil, which was hovering near $100 a barrel last week and is now closing in on $110, says AAA.

AAA on Hike at Pump
 
“With the cost of oil accounting for more than half of the pump price, more expensive oil means more expensive gasoline,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “Locally, prices have now moved past those record high levels of early March.”

AAA Northeast’s May 9 survey of fuel prices found the current national average to be 13 cents higher than last week ($4.19), averaging $4.32 a gallon. 

Monday's national average price is 20 cents higher a month ago ($4.12), and $1.36 higher than this day last year ($2.96).