PROVIDENCE, R.I. (AP) - The average price of a gallon of gasoline in Rhode Island has dropped another nickel as demand falls to levels not seen in more than half a century, AAA Northeast reported Monday.
Self-serve, regular is now selling for an average of $2.03 per gallon, 5 cents lower than last week.
Rhode Island’s price is 17 cents higher than the national average, but 60 cents lower than the in-state price a year ago.
“The latest data reveals demand levels not seen since spring of 1968,” AAA spokesman Lloyd Albert said in a statement. “Every U.S. region is seeing builds in gasoline inventories and crude storage, which is just driving pump prices even cheaper.”
The world’s oil-producing nations on Sunday announced historic global crude productions cuts.
“While the production cut is historic, it’s likely to not have an immediate impact on pump prices given the ongoing impact the COVID-19 pandemic continues to have on crude oil prices and gasoline demand,” Albert said.
AAA found regular selling for as low as $1.67 per gallon to as high as $2.37 in Rhode Island.
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