EAST PROVIDENCE, R.I. (WPRI) — The price of gasoline continues to tumble, both locally and nationwide.
According to the latest survey from AAA Northeast, gas is down to an average of $4.27 per gallon in Rhode Island and $4.35 per gallon in Massachusetts, declines of 14 and 11 cents over the past week, respectively.
The national average is even lower, having fallen 15 cents in the past week to $4.03 per gallon. That’s 66 cents lower than a month ago, but 84 cents higher than this time last year.
“Oil accounts for almost 60 percent of pump prices, so with the price of oil dropping, prices at the pump follow suit,” said Lloyd Albert, AAA Northeast’s Senior Vice President of Government and Public Affairs.
“Couple that with falling demand for gasoline, and you have a recipe for prices continuing to ease,” he added. “It’s possible that the national average for regular unleaded gas could drop below $4 a gallon by the end of this week.”
The current average in Rhode Island is 46 cents lower than a month ago but $1.21 higher than this time last year, according to AAA, while in Massachusetts it’s 41 cents lower than a month ago and $1.31 higher than this time last year.