Pump prices continue to drop in R.I., Mass.

GASOLINE PRICES in Rhode Island and Massachusetts dropped 3 cents and 4 cents this week, respectively, according to AAA Southern new England's weekly survey of the area's pump prices.
Posted 11/13/12

PROVIDENCE – Gasoline prices in Rhode Island dropped another 3 cents this week, marking the fifth consecutive week of decline, according to AAA Southern New England.

The cost of self-serve, unleaded regular averaged $3.71 per gallon in the Ocean State – down 3 cents from last week and 24 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 33 cents. Rhode Islanders could find regular unleaded priced anywhere from a low of $3.56 to a high of $3.90.

Rhode Island’s price is 26 cents greater than the $3.45 national average for a gallon of self-pump, regular unleaded.

Prices ranged from $3.95 per gallon for midgrade to $4.09 for premium unleaded and $4.14 for diesel. A year ago, gas in the Ocean State cost an average $3.51 for a gallon of regular unleaded.

Gas prices in Massachusetts fell 4 cents this week to $3.62 per gallon of self-serve unleaded after dropping 1 cent the previous week, according to AAA.

Bay State gas prices ranged from $3.80 per gallon for midgrade unleaded to $3.92 for premium and $4.10 for diesel.

Pump prices in the Bay State have dropped 22 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, according to Bloomberg News, AAA reported that the average cost for a gallon of self-serve unleaded regular rose 0.3 cents to $3.44. Since Oct. 7, gas prices have dropped 37.8 cents.

Gasoline for December delivery fell 3.86 cents, or 1.4 percent, to $2.64 a gallon at 9:36 a.m. on the New York Mercantile Exchange.

Gasoline inventories in the U.S. rose roughly 800,000 barrels last week, according to the median estimate of seven analysts in a Bloomberg survey. The Energy Department will report last week’s official numbers on Nov. 15.

Demand for gas sank 2.4 percent to an eight-month low during the week ended Nov. 2. Analysts estimated that it may have fallen more, except the days covered in the report included the weekend before Hurricane Sandy hit the Northeast and drivers were filling their tanks.

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