RI Drivers See Relief At Pump With 12-Cent Drop In Gas Prices

RHODE ISLAND — The drop in gas prices over the last several weeks continued in Rhode Island, with average prices across the Ocean State dropping more than 10 cents.

Sitting at an average of $4.48 per gallon, Rhode Island's gas prices were down 12 cents from last week at $4.60. Monday's price was also 48 cents lower than it was a month ago, at $4.94, but $1.45 higher than July 25 last year at $3.03.

The national average of gas on Monday is $4.35. According to AAA Northeast, the steady decline is due to low domestic demand for gasoline and oil prices that remain in the mid-$90s per barrel. The price of gas has now fallen every day since hitting a record $5.01 on June 14.

"Consumers appear to be taking the pressure off their wallets as they enjoy fuel prices down 11 percent since their peak in mid-June," said Lloyd Albert, the senior vice president of government affairs for AAA Northeast. "And there's reason to be cautiously optimistic that pump prices will continue to fall in the near-term, particularly if the global price for oil does not spike. But the overall situation remains very volatile."

The current average price for a gallon of gas in Rhode Island is $4.48 for the cheap stuff, $5.02 for mid-grade, $5.33 for premium, and $5.69 for diesel.