RI Gas Prices Jump Back Up — Approaching Level When Biden Released Oil Reserves in November
Monday, January 31, 2022
Rhode Island’s average gas price per gallon is up four cents in one week, announced AAA on Monday.
After three consecutive weeks of gas prices dropping one cent each week, the average price per gallon is now $3.38 a gallon in Rhode Island.
The new average is just 1.1% off the state’s average of $3.42 the week of November 22, 2021 — when U.S. President Joe Biden 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."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTBiden's move last fall had come after Rhode Island had seen 30 consecutive weeks of average gasprice increases.
SEE LATEST AVERAGE GAS PRICES BELOW
“The President has been working with countries across the world to address the lack of supply as the world exits the pandemic. And, as a result of President Biden’s leadership and our diplomatic efforts, this release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom,” said the White House in November. “This culminates weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices. Over the last several weeks as reports of this work became public, oil prices are down nearly 10 percent.”
AAA Northeast’s January 31 survey of fuel prices found the current national average to be 3 cents higher than last week ($3.33), averaging $3.36 a gallon. Monday’s national average price is 8 cents higher a month ago ($3.28), and 94 cents higher than this day last year ($2.42).
Uncertainty Over Russian and Ukraine, Says AAA
“Uncertainty over Russia’s intentions toward Ukraine is contributing to higher crude oil prices, which are closing in on $90 per barrel,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast, on Monday.
“Russia is a member of OPEC+, and any sanctions based on their actions toward Ukraine may cause it to withhold crude oil from the global market. Higher oil prices will lead to higher pump prices for drivers,” Albert added.
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