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

Reports of better-than-expected consumer spending and lower inflation figures in the US sent oil prices soaring early last week. The enthusiasm pushed the price of a barrel of oil up more than $3 on Monday – the biggest one-day rise in over a year. By Friday, however, almost all of the gains in crude prices had evaporated after Chinese authorities reported a series of weaker economic indicators, dampening optimism about future growth in global oil and gas demand in the world's largest oil importer.

“Despite market volatility due to conflicting global economic data, pump prices are trending downward as domestic production and supply of gasoline continues to meet demand,” said Jillian Young, public relations director for AAA Northeast. “Here in the Northeast, gasoline inventories are well above last year's levels at nearly 4 million barrels.”

The average price of gasoline 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 and 43 cents lower than the same day last year.

The average price of gasoline in Rhode Island is eight cents below the national average of $3.41 per gallon.