US-Iran Tensions Fuel Record-High Gas Prices Across Northeast

Despite the summer driving season coming to an end, gasoline prices are increasing at a time when they usually decline. The average gas price in Rhode Island is up 10 cents from last week, reaching $4.25 per gallon. This marks a 27-cent increase compared to a month ago and a $1.10 rise over the same day last year.

The national average has also seen an uptick, with AAA Northeast's latest survey showing prices averaging $4.15 per gallon, up 6 cents from last week. The current national average is 13 cents higher than a month ago and 96 cents higher than this day last year.

Geopolitical tensions between the United States and Iran are partly to blame for the rising oil prices, which have reached mid-$90 per barrel levels. Additionally, tight inventories are putting pressure on gasoline prices, with domestic stockpiles falling below seasonal averages. Despite refineries operating at 98% capacity, gasoline supplies have decreased by 1.2 million barrels in recent weeks.