RI Gas Prices Jump 31 Cents This Week
Northeast gasoline prices are surging as oil prices march upward and global supply disruptions worsen as the U.S. war with Iran enters its 10th week.
Rhode Island ranks 21st on the list of states with the highest gas prices in the nation. A gallon of gas is now $4.39 in RI.
According to AAA Northeast, crude oil and refined product prices climbed sharply last week, reaching multi-year highs after the U.S. initiated a blockade of the Strait of Hormuz. Domestically produced West Texas Intermediate (WTI) ended the week $7.54 higher and Brent crude rose $2.84 as markets digested the latest updates about the potential for future peace talks and the eventual reopening of the strait. Before the war, anywhere from 125 to 140 oil tankers passed through the straight. Between May 1 and 3, just seven completed the passage, according to the Hormuz Strait Monitor…