Rhode Island Drivers Finally See Some Relief At The Gas Pump

PROVIDENCE, RI — While gas prices remain historically high in Rhode Island and across the country, drivers are finally starting to see some relief at the pump. Over the past week, the average price per gallon fell by two cents from the week before, bringing it to $3.40.

After gas prices suddenly spiked in October, they held steady for several weeks, only rising by a cent or two each week. Rhode Island's current average is the same as this time last month, and $1.29 higher than this time last year. Usually, Rhode Island's gas prices tend to lag behind the national average, though it currently sits five cents higher.

AAA Northeast attributed the drop in prices to rising coronavirus cases stoking fears of another pandemic-related economic slowdown. This brought oil prices down to about $60 per barrel, the lowest prices seen since August. In addition, OPEC and other oil-producing allies agreed to not cut production, AAA said, helping to lower prices at the pump.

"Consumers may be catching a break at the pump right now, but it's not for a very good reason," said Lloyd Albert, a spokesperson for AAA Northeast. "A potential COVID-19 induced economic slowdown hurts everyone and could prompt OPEC to slash production if oil prices drop too low."