PROVIDENCE, R.I (WPRI) — Gas prices are continuing their downward trend after spiking to an all-time high last month.
Rhode Island’s average gas price is below $4 for the first time since the beginning of March at $3.99 per gallon, according to AAA.
Massachusetts is currently averaging $4.08 per gallon, which is also the national average.
According to AAA, Massachusetts ranks #14 for the most expensive gas in the country and Rhode Island has fallen to #23.
AAA said the global market is seeing lower prices since the United States and its allies released a significant amount of oil reserves. Additionally, fears of a COVID-19 resurgence and potential economic shutdown in China — one of the world’s largest oil-consuming nations — are also leading to lower fuel costs, according to AAA.
These prices come as inflation soared over the past year at its fastest pace in more than 40 years. The Labor Department said Tuesday that its consumer price index jumped 8.5% in March from 12 months earlier, the sharpest year-over-year increase since 1981.
Prices have been driven up by supply chains, customer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine. Gas prices rocketed 48% in the past 12 months.