Gasoline prices keep falling as global oil markets last week shrugged off news of deeper production cuts announced by OPEC+ member countries, reflecting the diminishing power of the Saudi-led cartel to move markets—and the United States’ strength as the world’s largest oil producer.

With a backdrop of domestic oil production breaking records, national crude oil inventories last week reached their highest levels since July. This strong production, along with uncertainty about interest rates and the overall economy in 2024, has sent oil prices lower despite OPEC+ planning to cut production by an additional 1 million barrels per day. The result is continued downward pressure on pump prices.

Rhode Island’s average gas price is down three cents from last week, averaging $3.30 per gallon. Monday’s price is 15 cents lower than a month ago, and 31 cents lower than Dec. 4, 2022. Rhode Island’s average gas price is eight cents higher than the national average.

“Sixteen states now have an average price below $3 per gallon as the seasonal trend of lower demand takes hold,” said AAA Northeast Senior Spokesperson Mark Schieldrop. “Northeast prices are still above the national average, but the gap is narrowing as we approach year’s end.”

AAA Northeast’s Dec. 4 survey of fuel prices found the current national average to be one cent lower than last week, averaging $3.24 a gallon. Monday’s national average price was 18 cents lower than a month ago and is 17 cents lower than this day last year.