Providence, R.I., July 25, 2022 — Rhode Island’s average gas price is down 12 cents from last week ($4.60), averaging $4.48 per gallon. Today’s price is 43 cents lower than a month ago ($4.91), and $1.45 higher than July 25, 2021 ($3.03). Rhode Island’s average gas price is 13 cents higher than the national average.
Nationally, lackluster demand for gas and lower oil prices have led to pump prices falling again, down 17 cents since last week to $4.35. The steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.01 on June 14.
“Consumers appear to be taking the pressure off their wallets as they enjoy fuel prices down 11% since their peak in mid-June,” said Lloyd Albert, Senior Vice President of Government and Public Affairs for AAA Northeast. “And there’s reason to be cautiously optimistic that pump prices will continue to fall in the near-term, particularly if the global price for oil does not spike. But the overall situation remains very volatile.”
AAA Northeast’s July 25 survey of fuel prices found the current national average to be 17 cents lower than last week ($4.52), averaging $4.35 a gallon. Today’s national average price is 55 cents lower than a month ago ($4.90), and $1.20 higher than this day last year ($3.15).