PROVIDENCE, R.I. (AP) — The average cost of a gallon of gasoline in Rhode Island has jumped a nickel in the past week, as the war in Ukraine roils the international oil market, AAA Northeast said Monday.
Gas is now selling for an average of $3.59 per gallon, which is 23 cents higher than a month ago and nearly a dollar higher than the Rhode Island price one year ago. The local average is 2 cents lower than the national average of $3.61 per gallon.
The increase in the global price of oil has led to higher pump prices in the U.S.
“Russia’s invasion and the responding escalating series of financial sanctions by the U.S. and its allies have given the global oil market the jitters,” AAA spokesperson Lloyd Albert said in a statement. “Like the U.S. stock market, the oil market responds poorly to volatility. It’s an explosive situation, and a grim reminder that events on the far side of the globe can have a ripple effect for American consumers.”