PROVIDENCE – Gasoline prices in Rhode Island jumped 15 cents for the second consecutive week, AAA Southern New England reported Monday.
The auto club’s March 7 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.51; a year ago, pump prices were 76 cents lower.
In Massachusetts, the average price was $3.44, a 14-cent increase from last week.
According to Bloomberg News, oil rose to a 29-month high in New York as escalating violence in Libya bolstered concern that supply disruptions may spread through the Middle East.
Crude climbed as much as 2.4 percent after fighting between Libyan rebels and troops loyal to Muammar Qaddafi intensified. Hedge funds raised purchases of futures to a record for a second week on speculation unrest will cut output further. Citigroup Inc. increased its Brent oil price estimate, saying the threat of more disruptions supports a “fear premium.”
“The focus remains on Libya and on fears of a contagion effect that will impact other oil-exporting countries in the Middle East,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn. “Libya appears to be spiraling into civil war, which will keep prices rising.”
Crude oil for April delivery rose 69 cents, or 0.7 percent, to $105.11 a barrel at 10:09 a.m. on the New York Mercantile Exchange. Futures touched $106.95, the highest intraday price since Sept. 26, 2008. The contract is up 29 percent from a year ago.
Regular gasoline at the pump, averaged nationwide, climbed 0.6 cent to $3.50 a gallon, the highest level since Oct. 5, 2008, AAA said.
“It’s getting to the point where the price increases aren’t good for the economy,” said Adam Sieminski, chief energy economist at Deutsche Bank in Washington. “The consumer-income impact is close to what was reached in the summer of 2008. The higher prices will affect consumer spending and psychology.”
In its survey, AAA found prices in Rhode Island ranging from $3.43 to $3.59 per gallon for unleaded regular this week.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.63 per gallon for midgrade unleaded, $3.73 for premium unleaded gasoline and $3.95 for diesel.
