The average Rhode Island gas price as of overnight Tuesday was four dollars and 23 cents, according to RIGasPrices.com.
The state average, as well as the national average of four-15, are new records, and prices are expected to continue increasing due to the Russian war in Ukraine. To relieve the pain at the pump, President Biden is considering easing sanctions on Venezuela, who along with Russia is a major oil producer.
Meantime the people at Triple A have broken down the numbers. They say the price of a gallon of gas is 54 cents a gallon higher now than they were just a week ago. In Rhode Island the difference is 57 cents a gallon in the same time period.
“The extraordinary volatility in global oil markets stems from the Russian invasion of Ukraine and the question of whether the United States and NATO will impose sanctions on the Russian oil and gas industry. As that issue continues to be debated today, the market will see significant upward pressure on petroleum-related commodities,” says Mary Maguire, Director of Public/Government Affairs. “The 45-cent increase in gas prices here in the U.S. over the past 7 days amounts to the single largest increase since AAA has tracked domestic gas prices. The negative impact of these explosive prices on American consumers will only increase in the near term.”
Although gas prices in New England are at the 4 dollar mark. At some stations in California its more than 5 dollars.
(Photo by PATRICK T. FALLON/AFP via Getty Images)
Photo: Getty Images