Fear of an encroaching global recession and lower demand is causing a drop in gas prices, according to analysts. The price for a barrel of oil fell below $70 this week as those concerns have grown.
“We are also in a pre-summer driving season lull regarding domestic demand. These two factors should keep pump prices drifting lower for now,” AAA spokesperson Andrew Gross said in a statement Thursday.
A gallon of gas was $3.56 on average, according to AAA gas price data. Stacker compiled statistics on gas prices in Rhode Island. Gas prices are as of May 5.
Rhode Island by the numbers
– Current gas price: $3.47
– 1-week change: -$0.03 (-1.0%)
– 1-year change: -$0.77 (-18.1%)
– Record average gas price: $5.02 (6/13/22)
– Current diesel price: $4.43
– 1-week change: -$0.07 (-1.5%)
– 1-year change: -$1.76 (-28.4%)
– Record high average diesel price: $6.47 (5/18/22)
States with the most expensive gas
#1. California: $4.83
#2. Hawaii: $4.78
#3. Arizona: $4.70
States with the least expensive gas
#1. Mississippi: $3.04
#2. Texas: $3.10
#3. Louisiana: $3.14
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