RI's Gas Price Surge Starts To Level Off

PROVIDENCE, RI — Following weeks of sharply rising gas prices, things are starting to level off in Rhode Island. Over the past week, the average price of regular, unleaded gas rose just two cents, far less than the increases of 10 cents or more frequently reported in past weeks.

The average price of gas in Rhode Island is now $2.79 per gallon, 24 cents higher than this time last month. The increase is more stark compared to this time last year, when the price was 55 cents per gallon lower at $2.24.

The national average continues to be slightly higher than Rhode Island's, currently 9 cents more at $2.88.

"A dip in demand along with a simultaneous increase in supply and refinery utilization has contributed to slower movement in gas price increases," said Lloyd Albert, a spokesperson for AAA Northeast. "On the week, 32 states had increases of only 3 cents or less. This does not mean gas prices have hit their peak ,but is a positive sign for consumers."

The average cost in neighboring Massachusetts is just a few cents lower at $2.76. Connecticut, meanwhile, is considerably high at an average of $2.90 per gallon this week.