Gas Prices In RI See Double Digit Price Drop

RHODE ISLAND — Gas prices nationwide continued their steady decline, especially in Rhode Island, which saw a significant drop in prices since last week.

Sitting at an average of $4.27 per gallon, Rhode Island's gas prices were down 14 cents from last week at $4.41. Monday's price was also 46 cents lower than it was a month ago, at $4.73, but $1.21 higher than Aug. 8 last year at $3.06.

The national average of gas on Monday was $4.03. According to AAA Northeast, the steady decline is due to oil prices continuing to drop. The price of gas has now fallen every day since hitting a record $5.01 on June 14.

"Oil accounts for almost 60 percent of pump prices, so with the price of oil dropping, prices at the pump follow suit," said Lloyd Albert, an executive for AAA Northeast. "Couple that with falling demand for gasoline, and you have a recipe for prices continuing to ease. It’s possible that the national average for regular unleaded gas could drop below $4 a gallon by the end of this week."

It's still unclear how long prices will continue to drop. A spokesperson for AAA said there's been a recent slight uptick in gas demand, which could mean an end to steady drops in prices.

"We know that most American drivers have made significant changes in their driving habits to cope with high gas prices," said Andrew Gross, an AAA spokesperson last week. "But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise."

The current average price for a gallon of gas in Rhode Island is $4.27 for the cheap stuff, $4.83 for mid-grade, $5.12 for premium, and $5.39 for diesel.