AAA forecasting increased gas prices

Posted 5/27/20

Gasoline prices in Rhode Island remain the same this week, according to AAA Northeast. AAA Northeast's May 26 survey of prices in Rhode Island finds self-serve, regular unleaded averaging $1.96 per gallon. Rhode Island's price the same as the national

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AAA forecasting increased gas prices

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Gasoline prices in Rhode Island remain the same this week, according to AAA Northeast.

AAA Northeast’s May 26 survey of prices in Rhode Island finds self-serve, regular unleaded averaging $1.96 per gallon. Rhode Island’s price the same as the national average for regular unleaded. A year ago at this time, the average price in Rhode Island was 88 cents higher at $2.84 per gallon.

The more expensive pump prices in recent weeks can be attributed to fluctuations in crude and demand. In the past week, crude oil hit its highest price point – nearly $34 per barrel – since the Administration declared the COVID-19 outbreak a national emergency and many states started implementing stay-at-home restrictions.

“Americans have seen significantly cheaper-than-normal gas prices the past two months. However, those low prices – as well as crude oil prices – have been pushing more expensive,” said Lloyd Albert, Senior Vice President of AAA Public and Government Affairs. “While motorists will see pump prices continue to increase, AAA does not expect the summer average to be as expensive as last year’s season.”

One factor that could cause a sudden spike in gas prices is the Atlantic hurricane season, which is June 1 through November 30. The National Oceanic and Atmospheric Administration predicts the 2020 season will be above-normal, potentially resulting in 13-19 named storms. An average Atlantic hurricane season typically produces 12 named storms, including 3 major hurricanes.

The range in prices in the latest AAA survey for unleaded regular is 51 cents, from a low of $1.72 to a high of $2.23. AAA advises motorists to shop around for the best prices in their area. Please remember to slow down and move over for any emergency vehicles on the side of the road.

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