NEWS

AAA expects downward trend of gas prices to continue

Posted 10/29/20

Rhode Island's average gas price is one cent lower than last week, averaging $2.11 per gallon. Today's price is 3 cents lower than a month ago and 39 cents cheaper than October 26, 2019. Rhode Island's average gas price is 5 cents lower than the national

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NEWS

AAA expects downward trend of gas prices to continue

Posted

Rhode Island’s average gas price is one cent lower than last week, averaging $2.11 per gallon. Today’s price is 3 cents lower than a month ago and 39 cents cheaper than October 26, 2019. Rhode Island’s average gas price is 5 cents lower than the national average. 

Gasoline demand nationally has dropped significantly since the beginning of the month, down from 8.8 million barrels per day to 8.2 million, according to the latest Energy Information Administration (EIA) report. This latest demand measurement is the lowest since mid-June. While the drop isn’t out of the ordinary for this time of year, and people tend to drive less in the fall, it is a staggering 14% less than last October.

“The U.S. has a very healthy level of gasoline stocks due to lower demand and that is keeping gas prices low,” said Lloyd Albert, AAA Northeast Senior Vice President of Public and Government Affairs. “The majority of states have cheaper gas prices compared to last month, many paying 3 to 8 cents less. That downward trend at the pump is likely to continue.”

AAA Northeast’s October 26 survey of fuel prices found the current national average to be the same as last week, averaging $2.16

a gallon. Today’s national average price is 2 cents lower than a month ago ($2.18), and 44 cents cheaper than this day last year.

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