Rhode Island’s average gas price is up five cents from last week, averaging $2.69 per gallon. Monday’s price is 26 cents higher than a month ago and 26 cents higher than March 8, 2020. Rhode Island’s average gas price is 8 cents lower than the national average.
Pump prices are increasing as refinery utilization is at an all-time low and crude oil prices surged by more than $2 to $66 a barrel on Friday, the highest price in nearly two years. The jump in crude followed the Organization of the Petroleum Exporting Countries’ and their allies’, collectively known as OPEC, surprise decision to minimally increase production in April.
“With crude oil prices back on the rise, we could see the national average climb towards $2.90 this spring with some relief by early summer,” said Lloyd Albert, Senior Vice President of Public and Government Affairs for AAA Northeast. “The last time we saw the national average flirt with $3 was nearly three years ago in May 2018. At that time, crude was averaging about $71 per barrel.”
AAA Northeast’s March 8 survey of fuel prices found the current national average to be 5 cents higher than last week, averaging $2.77 a gallon. Today’s national average price is 31 cents higher than a month ago, and 39 cents higher than this day last year.