RI gas prices jump another 5 cents as Memorial Day nears


Gas prices are up 49 cents in Florida as compared to a year ago, according to the American Automobile Association (AAA). Average gasoline prices rose in all 50 states last week after oil prices reached $71 per barrel, the highest since 2014, following news of President Trump's Iran withdrawal. "Some of the factors at play in the rising prices: President Trump's US withdraw from the nuclear deal with Iran and oil supplies that have continued to drop as USA exports surpass Venezuela- a surprising feat given Venezuela has the largest proven oil reserves in the world". "The latest round of figures from the EIA shows that gasoline demand is significantly higher than this time past year. Those people affected by the higher prices at the pump are likely cutting back on other expenses, like shopping and dining out", he said. The national average has increased 15.4 cents per gallon during the last month and stands 53.8 cents per gallon higher than this day one year ago. The cheapest gas is in MS at $2.56 per gallon.

The cheapest gas in Florida was found in The Villages, at $2.78, and in Charlotte County, at $2.79.

Grant said even though gas prices are at their highest level in 4 years, they're still far lower than in 2008, when they hovered around 4 dollars a gallon. The highest was about $2.97 in the Ann Arbor area.

He pegged the odds at 65 percent that pump prices will hit $3 for the summer driving season.