Gas prices across Rhode Island have dropped below $3 a gallon for the first time since the pandemic days of 2021.
A survey of service stations in Warwick this week found the cheapest price for …
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Gas prices across Rhode Island have dropped below $3 a gallon for the first time since the pandemic days of 2021.
A survey of service stations in Warwick this week found the cheapest price for regular unleaded gas at Warwick Gas, 335 Providence St., was $2.79 a gallon — a stark contrast from just two years ago, when the average gas prices were above $5, according to AAA. The last time gas prices were below $3 on average in Rhode Island was June 28, 2021.
The survey found 10 Warwick stations with prices of less than $3 a gallon for regular unleaded.
“It’s a seasonal trend, where we typically see gas prices go down,” said Jillian Young, director of public relations at AAA Northeast.
The current dip in prices, according to Young, is partially due to a surplus of gas from what she described as “the summer driving season,” when there is higher gas production. Another contributing factor is a favorable hurricane season, which has not affected areas with oil refineries.
Despite a slight increase in demand for gas, there is also a large increase in the amount of gas in the area, with a supply of nearly 61 million barrels for the East Coast this week. That is over 3 million more barrels than there was at this time last year, according to AAA.
Motorists are pleased by the lower prices. Darren James of Scituate believes that lower prices can be attributed to the upcoming presidential election and that the future depends on the next president. He feels if former President Donald Trump is elected, he’ll work to keep prices low, but “if [Vice President Kamala] Harris gets in, it will go up.”
Beah Cargoe, who currently works at the Neon Marketplace in Warwick, believes that gas prices depend on international relations, especially when it comes to wars in the Middle East.
Still, some people agree with the consensus given by AAA such as Don Aldridge of West Warwick. “I think it's going down because there’s more supply,” Aldridge said. “I think it will go down a little more.”
Kevin Holley of Pawtucket was happy to see gas prices go down but feels like they are going to increase in the upcoming weeks.
According to Young of AAA, contributing factors could actually lead to gas prices going back up.
“Some things could change prices, such as a hurricane hitting the Gulf coast and affecting production.” This is due to not only many oil refineries being located in the area but also because it would lead to a higher demand with a lower supply. Another thing that could affect the prices is a quicker-than-usual switch from summer-blend gas to winter-blend gas, which would lead to a brief spike in prices as a result of complications of switching to a different blend. However, this would depend on the weather in the upcoming months.
Gas prices locally can be affected by where the station is located, with stations near the highway and in more remote areas usually having higher prices, according to Young.
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