The average U.S. gas price as of Monday tumbled six cents from last week, following President Biden’s release of 1 million barrels of oil per day for the next six months from the country’s Strategic Petroleum Reserve.
While a six-cent-savings at the pump might feel like a major win, it’s not exactly $2.3 billion back in your pocket. Skyrocketing oil prices over the last month have greatly benefited oil companies, with ExxonMobil announcing Monday that the company will post a massive profit increase in the first quarter of 2022: up to $2.3 billion on oil alone.
Stacker compiled statistics on gas prices in Rhode Island using data from AAA. Gas prices are as of April 4. State gas tax data is from World Population Review. Three states, Connecticut, Georgia, and Maryland, have temporarily suspended gas taxes to help consumers while the cost of gas has increased.
Globally, the weekend brought more volatility to the oil market. Crude oil rose more than 3% on Monday following evidence of war crimes in Ukraine and increased pressure on European countries to impose sanctions on Russia’s energy sector in response.
Ukrainian officials claimed hundreds of people were massacred in the town of Bucha, located on the outskirts of Kyiv. Officials also documented the presence of mass graves along with torture and summary executions of the civilian population. The town, previously occupied by Russian forces, was liberated by Ukrainian troops on March 30.
Elsewhere in the world, peace prevailed. A two-month ceasefire brokered by the United Nations between a warring Saudi-led coalition and Iran-backed Houthi rebels positively impacted the oil market, easing concerns about supplies to the Middle East. The Houthis have targeted Saudi oil facilities during the war.
Rhode Island by the numbers
– Current price: $4.13
– Week change: -$0.07 (-1.7%)
– Year change: +$1.35 (+48.8%)
– Gas tax: $0.35 per gallon (#12 highest among all states)
– Historical expensive gas price: $4.36 (3/11/22)
States with the most expensive gas
#1. California: $5.85
#2. Hawaii: $5.21
#3. Nevada: $5.19
States with the least expensive gas
#1. Missouri: $3.73
#2. Oklahoma: $3.75
#3. Kansas: $3.75
States with the highest gas tax per gallon
#1. Pennsylvania: $0.59
#2. California: $0.53
#3. Washington: $0.52
States with the lowest gas tax per gallon
#1. Alaska: $0.0895
#2. Hawaii: $0.16
#3. Virginia: $0.162
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