PROVIDENCE — A decrease in Iranian gasoline imports is expected to tighten the global market, resulting in higher prices across the U.S.
Gas prices in Rhode Island were up 7 cents over the past week and have now climbed more than 40 cents since mid-February, according to a Monday survey through AAA Northeast. AAA’s survey found self-serve, regular unleaded averaging $2.70 per gallon.
“Monday morning crude oil was trending higher on reports that the U.S. State Department plans to end the use of waivers for countries to import oil from Iran in an attempt to end all oil exports from that country,” said Lloyd Albert, senior vice president of public and government affairs for AAA Northeast. “Decreases in Iranian exports could tighten supply in the global market, though that could be balanced by increased U.S. production.”
Rhode Island’s price is fourteen cents lower than the national average for regular unleaded of $2.84. A year ago at this time, the average price in Rhode Island was five cents higher at $2.75.
The range in prices in the latest AAA survey for unleaded regular is 40 cents, from a low of $2.55 to a high of $2.95.
— Jason Vallee