Rhode Island gas prices continue downward trend ahead of Labor Day | Westerly

Reports of stronger-than-expected consumer spending data and lower inflation figures across the U.S. led to a surge in oil prices early last week, with the enthusiasm causing a barrel of oil to jump by more than $3 on Monday — the largest single-day increase in more than a year. By Friday, however, nearly all the gains in crude oil prices evaporated after Chinese authorities reported a string of weaker economic indicators, quelling optimism about future growth in global oil and gas demand from the world’s largest importer of oil.

“Despite market volatility on conflicting global economic data, pump prices are trending down as domestic production and supply of gasoline continue to meet demand,” said Jillian Young, director of public relations for AAA Northeast. “Here in the Northeast, inventories of gasoline are substantially above last year’s levels to the tune of nearly 4 million barrels.”

The average gas price in Rhode Island is down two cents from last week, averaging $3.33 per gallon. Today’s price is 13 cents lower than a month ago 43 cents lower than on the same day last year.

Rhode Island’s average gas price is eight cents lower than the national average of $3.41 per gallon.