Gas Prices In RI Fall For 5th Straight Week: AAA

RHODE ISLAND — Rhode Island gas prices are three cents above the national average, but even though Ocean Staters are paying more at the pump than most of the U.S., gas prices statewide continued to fall for a fifth straight week.

Sitting at an average of $4.71 per gallon, Rhode Island's gas prices were down 10 cents from last week at $4.81. Monday's price is also 30 cents lower than it was a month ago, at $5.01 and $1.67 higher than July 11 last year at $3.04.

The national average of gas on Monday is $4.67, a little lower number than what Ocean State residents were looking at a mere month ago. According to the American Automobile Association, the decrease in the price for a gallon happened even though there is a slight raise in demand, likely brought on by the July 4 holiday weekend. AAA forecasted that 42 million people would hit the roads for the holiday weekend, a new record.

"Usually, more people buying gas would lead to higher pump prices," said Mary Maguire, AAA Northeast Director of Public and Government Affairs. "But the price for oil, the main ingredient in gasoline, has fallen and is hovering around $100 a barrel. Less expensive oil usually means less expensive gas."

The current average price for a gallon of gas in Rhode Island is $4.713 for the cheap stuff, $5.24 for mid-grade, $5.544 for premium, and $6.011 for diesel.