Summary: Gas prices in Rhode Island have gone up this week as oil prices reach yearly highs. The average price of gasoline increased by 5 cents from last week, reaching $3.78 per gallon. This is 2 cents higher than a month ago, but still 10 cents lower than the national average. The increase in gas prices is attributed to the fact that crude oil prices are currently above $90 a barrel and may continue to rise.
According to AAA Northeast, the seasonal slide in gas prices that is typically seen this time of year has not occurred due to the high price of crude oil. Mark Schieldrop, AAA Northeast senior spokesperson, explained that the average gas price in Rhode Island is now 21 cents higher than it was at the same time last year.
Gas prices are influenced by a variety of factors, with one of the main drivers being the price of crude oil. When oil prices rise, it often leads to an increase in gas prices. This is because oil is a key component in the production of gasoline. As the cost of oil rises, it becomes more expensive for gas stations to acquire gasoline, which is then passed on to consumers.
The increase in gas prices can have an impact on the economy, particularly for those who rely on their vehicles for daily commutes or business purposes. Higher gas prices mean increased costs for transportation, which can ultimately lead to higher prices for goods and services.
Overall, the rise in gas prices in Rhode Island reflects the current trend of increasing oil prices. As oil prices continue to reach new yearly highs, it is likely that gas prices will also follow suit.
Sources:
– AAA Northeast
– Mark Schieldrop, AAA Northeast senior spokesperson