The demand for gasoline is up while production is down — and that has led to a 10 cent spike in gasoline, pushing prices to their highest rate since summer 2015.
A survey of gas prices by AAA Northeast Monday found a 10 cent spike in costs over the past week, bringing the average price per gallon to $2.76 in Rhode Island. The bump in price is attributed to lower gas production and a higher-than-expected number of travelers to start to the spring season.
“Demand is at record levels for this time of year. More drivers are hitting the roads as warmer weather starts to spread across the country,” said Lloyd Albert, senior vice president of public and government affairs for AAAA Northeast. “If this trend of high demand and declining supply continues, drivers are likely to see pump prices continue to climb as the country settles into spring.”
A year ago at this time, the average price in Rhode Island was 40 cents lower at $2.35 per gallon.The range in prices in the latest AAA survey for unleaded regular is 37 cents, from a low of $2.62 to a high of $2.99.
Today’s local gas prices and their ranges are as follows:
Self Serve, Grade
$2.75 ($2.62-$2.99), Regular Unleaded
$3.02 ($2.95-$3.19), Midgrade Unleaded
$3.19 ($2.89-$3.29), Premium Unleaded
$3.07 ($2.99-$3.19), Diesel