RI Gas Prices $1.00 Higher Than a Year Ago Today
GoLocalProv News Team
RI Gas Prices $1.00 Higher Than a Year Ago Today
AAA is reporting that Rhode Island’s average gas price is up 5 cents from last week ($3.38), averaging $3.43 per gallon.
Monday's price is 7 cents higher than a month ago ($3.36), and $1.00 higher than February 7, 2021 ($2.43).
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Blustery winter weather and geopolitical tensions are helping to drive the price of oil higher, which is in the low-$90s per barrel, nearly $30 more than in August, according to AAA.
The recent cold weather in the U.S increased the demand for heating oil. Meanwhile, the concern that Russia will react to potential western sanctions by withholding crude oil from the already tight global market puts heavy upward pressure on prices.
“This shows how events on the other side of the globe can have a noticeable impact right here in the U.S,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “And unfortunately for drivers, they are reminded of this by higher prices at the pump.”
AAA Northeast’s February 7 survey of fuel prices found the current national average to be 8 cents higher than last week ($3.36), averaging $3.44 a gallon. Today’s national average price is 14 cents higher a month ago ($3.30), and 98 cents higher than this day last year ($2.46).
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GoLocal reported at the end of January, "RI Gas Prices Jump Back Up — Approaching Level When Biden Released Oil Reserves in November."
U.S. President Joe Biden had released 50 million barrels of oil from the Strategic Petroleum Reserve to "lower prices for Americans and address the mismatch between demand exiting the pandemic and supply."
Biden's move last fall had come after Rhode Island had seen 30 consecutive weeks of average gasprice increases.
