TRANSPORTATION

Gas prices continue to slide in R.I., Mass.

BLOOMBERG FILE PHOTO/DANIEL ACKER
GAS PRICES in Rhode Island dropped for the fourth consecutive week to $3.74 per gallon of self-serve unleaded regular.
Posted 11/5/12

PROVIDENCE – Gas prices in Rhode Island dropped another 4 cents this week, marking the fourth consecutive week of declines, according to AAA Southern New England.

The cost of self-serve, unleaded regular averaged $3.74 per gallon in the Ocean State – down 4 cents from last week and 23 cents over the last month – according to the trade group’s weekly survey of Rhode Island’s pump prices.

AAA recommended consumers shop around for the best deal as the range in prices for unleaded regular in the Ocean State was 30 cents. Rhode Islanders could find regular unleaded priced anywhere from a low of $3.60 to a high of $3.90.

Rhode Island’s price is 23 cents greater than the $3.47 national average for a gallon of self-pump, regular unleaded.

Prices ranged from $3.98 per gallon for midgrade to $4.10 for premium unleaded and $4.14 for diesel. A year ago, gas in the Ocean State cost an average $3.54 for a gallon of regular unleaded.

Gas prices in Massachusetts fell 1 cent this week to $3.66 per gallon of self-serve unleaded after dropping 10 cents the previous week, according to AAA.

Bay State gas prices ranged from $3.82 per gallon for midgrade unleaded to $3.96 for premium and $4.09 for diesel.

Pump prices in the Bay State have dropped 23 cents over the past month. A year ago at this time, the Massachusetts average price for a gallon of regular unleaded gas was $3.40.

Nationally, the average price for regular gasoline at U.S. pumps fell nearly 21 cents over the past two weeks to $3.55 per gallon even as Hurricane Sandy shut down refineries and terminals in the Northeast, according to Lundberg Survey Inc.

The gas price is the lowest since July 27 and the decline was the steepest since December 2008, according to the Camarillo, Calif.-based company.

The current national gas prices are 42 cents below the year-to-date high of $3.97 on April 6, though gas prices are still up 11.6 cents year over year.

Gas futures on the New York Mercantile Exchange fell 12.27 cents, or 4.6 percent, to $2.57 a gallon for the two weeks ended Nov. 2. West Texas Intermediate crude sank 5.8 percent to $84.86 a barrel. Total U.S. gasoline stockpiles rose 935,000 barrels to 199.5 million, the U.S. Energy Department said on Nov. 1.

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