Volatile International Market Leads To Steep Gas Prices In RI

PROVIDENCE, RI — With international markets in turmoil over the Russian invasion, Rhode Island saw another large spike in gas prices over the past week. The average price per gallon is now $3.59, closing out February 23 cents higher than the same time last month.

AAA Northeast said the Russian invasion "roiled" the oil market, briefly pushing prices over $100 per barrel before a slight correction to the mid-90s. This has put serious pressure on American oil prices.

"Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters," said Lloyd Albert, a spokesperson for AAA Northeast. "Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers."

The rise in the national average was nearly twice that of Rhode Island, rising eight cents per gallon week-to-week. The national average is now $3.61 per gallon, just two cents higher than the Ocean State.

Next-door neighbor Massachusetts averaged slightly higher than both Rhode Island and the national average at $3.62 per gallon, a sharp rise from last week's $3.54. Connecticut, which generally trends considerably higher than Rhode Island, averaged $3.72, up from $3.66 the week prior.