PROVIDENCE – Gasoline prices in Rhode Island have fallen for the sixth week in a row, AAA Southern New England reported Tuesday.
The auto club’s Oct. 13 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.50 per gallon, down 4 cents from last week and 19 cents since the six-week decline began.
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Oil topped $74 a barrel in New York for the first time since August on Tuesday before falling back to $73.46 at 9:44 a.m., as the U.S. dollar’s lowest value in a year led traders to push prices upward, Bloomberg News reported.
Goldman Sachs Group Inc. reiterated its forecast for oil to reach $85 a barrel by the end of the year. Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, agreed that the dollar’s weakness and rising stock prices “could take oil up to $80 a barrel, even though fundamentals of supply and demand don’t justify it.”
In its survey, AAA found prices in Rhode Island ranging from $2.41 to $2.69 per gallon for unleaded regular. At $2.50, the average price per gallon in Rhode Island is 3 cents higher than the average price nationwide of $2.47.
A year ago, gas prices in Rhode Island stood at $3.11 per gallon as they continued their steep descent from the record highs of the prior summer, according to AAA.
Prices also fell for the sixth week in a row in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.43 per gallon in the Bay State, down 2 cents from last week and 7 cents below Rhode Island’s average.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.68 per gallon for midgrade unleaded, $2.79 for premium unleaded gasoline, and $2.68 for diesel.
For more information, visit AAA.com.
