Motorists in the Northeast may be giving thanks at the pump as gas prices continue to steadily decline and are now more than 40 cents cheaper than this time last year.

Oil prices closed lower last week for the third straight week, reaching prices not seen since midsummer. Meanwhile, gas prices have fallen below $3 per gallon in 12 states as demand remains cool and at levels typically associated with the depths of winter.

Rhode Island’s average gas price is down six cents from last week, averaging $3.38 per gallon. Monday’s price is 15 cents lower than a month ago, and 46 cents lower than Nov. 6, 2022 ($3.84. Rhode Island’s average gas price is two cents higher than the national average.

“Oil prices have fallen sharply in recent weeks as markets react to concerns about weak global demand and growing sentiment that interest rates could stay elevated through the rest of the year,” said AAA Northeast Senior Spokesperson Mark Schieldrop. “A lower oil price paves the way for cheaper gas as we approach the busy Thanksgiving holiday period.”

AAA Northeast’s Nov. 13 survey of fuel prices found the current national average to be five cents lower than last week, averaging $3.36 a gallon. Monday’s national average price was 26 cents lower than a month ago and is 41 cents lower than this day last year.