standing gas pump

PROVIDENCE — Pressures from COVID-19 fears and an ongoing price war are continuing to drive lower gas costs this week, according to AAA Northeast.

Motorists in Rhode Island have seen a four cent decline in prices over the past week, according to a Monday survey through AAA, and declines may continue in the coming weeks. The survey found self-serve, regular unleaded gasoline averaging $2.37 per gallon in the state.

“Pump prices are declining significantly as the global economy faces downward pressure from COVID-19 fears and the ongoing crude price war between Russia and OPEC nations,” said Lloyd Albert, senior vice president of AAA public and government affairs.

“Consumers can expect to see continued savings as the industry factors in a fully 50% decrease in the price of a barrel of oil since mid-January,” he added.

Rhode Island’s price is twelve cents higher than the national average of $2.25. A year ago at this time, the average price in Rhode Island was 9 cents lower at $2.46 per gallon.

The range in prices in the latest AAA survey for unleaded regular is 36 cents, from a low of $2.19 to a high of $2.55.

— Jason Vallee

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