Home Gas effect RI gas prices are recovering – approaching the level when Biden released oil reserves in November

RI gas prices are recovering – approaching the level when Biden released oil reserves in November

0

Monday, January 31, 2022

View larger +

President Joe Biden. PICTURES: File

Rhode Island’s average gas price per gallon rose four cents in a week, AAA reported Monday.

After three straight weeks of declining gasoline prices by one cent per week, the average price per gallon is now $3.38 per gallon in Rhode Island.

The new average is just 1.1% from the state average of $3.42 the week of November 22, 2021 – when US President Joe Biden released 50 million barrels of oil from the reserve oil strategy to “lower prices for Americans and address the mismatch between demand coming out of the pandemic and supply.”

GET THE LATEST NEWS HERE – SIGN UP FOR GLOCAL’S FREE DAILY EBLAST

Biden’s decision last fall came after Rhode Island experienced 30 straight weeks of average gasoline price increases.

SEE LATEST AVERAGE GAS PRICES BELOW

“The President has worked with countries around the world to address the lack of supply as the world emerges from the pandemic. And, thanks to President Biden’s leadership and our diplomatic efforts, this release will be taken alongside other major energy-consuming countries, including China, India, Japan, the Republic of Korea and the United Kingdom. United,” the White House said in November. “This concludes weeks of consultations with countries around the world, and we are already seeing the effect of this work on oil prices. In recent weeks, as reports of this work have become public, the oil prices have fallen by almost 10%.

AAA Northeast’s Jan. 31 fuel price survey found the current national average was 3 cents higher than last week ($3.33), averaging $3.36 per gallon . Monday’s national average price is 8 cents higher a month ago ($3.28) and 94 cents higher than today a year ago ($2.42).

Uncertainty over Russia and Ukraine, according to AAA

“Uncertainty over Russia’s intentions toward Ukraine is contributing to higher crude oil prices, which are nearing $90 a barrel,” Lloyd Albert, senior vice president of public and government affairs for AAA Northeast.

“Russia is a member of OPEC+, and any sanctions based on its actions towards Ukraine could cause it to withhold crude oil from the global market. Rising oil prices will lead to higher pump prices for drivers,” Albert added.

View larger +

Like this article ? Share it with others.