AAA: Rhode Island Gas Prices Shed Another Penny

PROVIDENCE, R.I., August 5, 2024 — As Hurricane Debby makes landfall in Florida, fears about a slowdown in the U.S. economy are sending oil and gas prices lower.

Last week, petroleum markets reacted to the Bureau of Labor Statistics report that U.S. job growth in July rose at a slower than expected rate by sending crude oil prices down sharply on fears of an economic slowdown. The price for a barrel of crude oil has now fallen in each of the last four weeks, from about $85 at the beginning of July to the low $70 a barrel range at the start of August. With oil prices now in territory not seen since February, gasoline prices are likely to continue descending.

The average gas price in Rhode Island is down a penny from last week ($3.41), averaging $3.40 per gallon. Today’s price is seven cents lower than a month ago ($3.47) and 33 cents lower than a year ago ($3.73). Rhode Island’s average gas price is seven cents lower than the national average.

“The steep decline in crude oil prices is overshadowing an otherwise strong second-half for the summer driving season and fresh tropical storm activity in the Southeast,” said Jillian Young, Director of Public Relations, AAA Northeast. “Last week, domestic demand for gasoline reached 9.2 million barrels a day—a slight decline from the prior week but still a strong figure—and well above the comparable week last year. But strong demand might not be enough to keep pump prices from falling alongside the broader market.”

AAA Northeast’s Aug. 5 survey of fuel prices found the current national average down three cents from last week ($3.50), averaging $3.47 a gallon. Today’s national average price is four cents higher than a month ago ($3.51) and 36 cents lower than this day last year ($3.83).

The AAA Gas Prices website is your resource for up-to-date fuel price information. Search average gas prices by Regular, Plus, Premium and Diesel on National and State levels, as well as Metro areas