Rhode Island drivers will pay an average of $4.42 per gallon of regular gasoline this month versus $3.04 last year. This is a 45.1 percent increase equaling $1.37 per gallon.
Of the one Rhode Island metropolitan areas analyzed, drivers in Providence-Fall River-Warwick (RI only) faced the largest price hike at the pump in the last year of $47.06. Providence-Fall River-Warwick (RI only) was spared the worst pain, with the price of gas rising $47.06 from August 2021 to August 2022.
Gas prices across the US hit a seven-year high following a significant drop at the beginning of the COVID-19 pandemic.
The price of gas, derived from the cost of oil manufactured around the world, has the power to substantially change the free market and influence many industries.
A short-term outlook report from the US Energy Information Administration predicted gas rates will fall throughout 2022.
Rhode Island drivers average 830.1 miles and use 34.3 gallons of gasoline per month, according to the FHA.
| Market | 2022 | 2021 | CHG | % | Total increase |
|---|---|---|---|---|---|
| Providence-Fall River-Warwick (RI only) | $4.42 | $3.04 | $1.37 | 45.1% | $47.06 |
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