Despite record Fourth of July travel, gas prices remain unchanged

The average gas price in Rhode Island is the same as last week, averaging $3.47 per gallon. Today’s price is six cents higher than a month ago and four cents lower than on the same day last year.

“Strong production and limited impacts from Hurricane Beryl have eased pressure on gas prices as summer driving season chugs along,” said Jillian Young, director of public relations for AAA Northeast. “Even though gasoline inventories in the Northeast fell by more than a half-million barrels last week, supplies are still above year-ago levels.”

After making landfall along the coast of Texas last week, Hurricane Beryl caused widespread damage and power outages, but disruption to key refineries and shipping ports was limited — and so too was the impact on pump prices.

According to the Energy Information Administration’s latest data for the week ending July 5, demand for gasoline dropped marginally from 9.42 million to 9.39 million barrels a day as refinery run rates — a measure of how much refining capacity to make gasoline is being utilized — matched 2024 highs and the fourth highest rate on record.

Rhode Island’s average gas price is five cents lower than the national average. AAA Northeast’s Monday survey of fuel prices found the current national average up two cents from last week, averaging $3.52 a gallon. Today’s national average price is seven cents higher than a month ago and four cents lower than on the same day last year.