Rhode Island Gas Prices Set to Soar on Labor Day

Gas prices in Rhode Island are expected to reach record highs this Labor Day weekend, according to fuel savings platform GasBuddy. The projected average price is $4.03 a gallon, an increase of 87 cents from last year and the highest holiday pump price on record. This surpasses the previous record of $3.83 per gallon set in 2012.

In Rhode Island, the cheapest prices for regular gasoline were around $4.17 a gallon on Wednesday. Nationally, gas prices averaged $4.10 a gallon on Tuesday. The war in Iran and the blockage of the Strait of Hormuz have contributed to global oil shipments being squeezed, keeping crude costs elevated.

GasBuddy analyst Patrick De Haan noted that 'it's been a challenging year for motorists' due to constant price fluctuations. However, relief may be on the horizon if tensions in the Middle East ease. Historically, Labor Day gas prices have averaged $3.79 per gallon in 2022 and $3.77 per gallon in 2023.

The volatility in global oil markets is also affecting diesel prices, which could reach record highs in the coming weeks. GasBuddy expects refining margins to remain elevated due to the disruptions in crude oil supplies.