Like a skier gliding along the bunny slope, the price for a gallon of gasoline in the Northeast continues to slide from September’s peak, when prices were more than 60 cents higher.

Along with lower oil prices, lackluster gasoline demand and ample supply in our region has helped fuel steady price declines at the pump. Last week, the Energy Information Administration reported a massive build in gasoline inventories—the largest since December 2021—and a steep drop in demand from the prior week.

Rhode Island’s average gas price is down two cents from last week ($3.08), averaging $3.06 per gallon. Monday’s price is 20 cents lower than a month ago, and 18 cents lower than Jan. 8, 2023.  Rhode Island’s average is one cent lower than the national average.

“With the holiday season behind us, gas prices seem to be in the winter doldrums,” said Mark Schieldrop, Senior Spokesperson for AAA Northeast. “Barring an unexpected shock to the global oil market, prices could keep falling, especially if winter weather conditions take a bite out of demand. When there’s snow and rain in the forecast, many drivers stay home.”

AAA Northeast’s Jan. 8 survey of fuel prices found the current national average to be four cents lower than last week, averaging $3.07 a gallon. Monday’s  national average price was 11 cents lower than a month ago  and is 21 cents lower than this day last year.