RI Gas Prices Drop, But Is Decline In Pump Costs Reaching The End?

RHODE ISLAND — Gas prices nationwide continued their steady decline, including in Rhode Island. But how much longer will the decline continue?

Sitting at an average of $4.41 per gallon, Rhode Island's gas prices were down seven cents from last week at $4.48. Monday's price was also 39 cents lower than it was a month ago, at $4.85, but $1.37 higher than Aug. 1 last year at $3.04.

The national average of gas on Monday was $4.21. 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.

But it's 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. "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 $4.41 for the cheap stuff, $4.93 for mid-grade, $5.24 for premium, and $5.56 for diesel.