Rhode Island’s average gas price is up four cents from last week, averaging $2.43 per gallon. Monday’s price is 18 cents higher than a month ago and 7 cents cheaper than February 8, 2020. Rhode Island’s average gas price is 3 cents lower than the national average.
Crude oil increased last week following Organization of the Petroleum Exporting Countries’ (OPEC) decision to keep their production cuts unchanged—a decision influenced by the ongoing impact of the pandemic on gasoline demand. Crude has not been priced this high since January 2020. Typically, it can take a few weeks before pump prices see the impact of more expensive crude, and with crude accounting for more than 50% of the retail price, increases are no doubt going to continue.
“Consumers can expect to continue paying more to fill up this month, potentially up to 10 cents more a gallon, depending on how high crude goes,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “If demand grows, that will further fuel pump price increases.”
AAA Northeast’s February 8 survey of fuel prices found the current national average to be 4 cents higher than last week ,averaging $2.46