Oil prices last week dipped to levels not seen since June and within a few dollars of the yearly low established in May, sending gasoline prices lower – just in time for the busy holiday travel season.

Wholesale gasoline prices are approaching a two-year low and 23 states now have an average price of below $3 for a gallon of regular unleaded gas.

Rhode Island’s average gas price is down six cents from last week, averaging $3.23 per gallon. Monday’s price is 15 cents lower than a month ago, and 22 cents lower than Dec. 12, 2022 . Rhode Island’s average gas price is 10 cents higher than the national average.

“As domestic oil refiners continue to ramp up production of winter fuels, gasoline supply has been exceeding demand, sending pump prices lower,” said AAA Northeast Senior Spokesperson Mark Schieldrop. “Prices typically reach a seasonal bottom this time of year. With ample supply here in the Northeast, there’s room for prices to edge lower through December.”

AAA Northeast’s Dec. 12 survey of fuel prices found the current national average to be 9 cents lower than last week, averaging $3.13 a gallon. Monday’s national average price was 23 cents lower than a month ago and 13 cents lower than the same day last year.