PROVIDENCE – Gasoline prices in Rhode Island have fallen for the fourth week in a row, AAA Southern New England reported Monday.
The auto club’s Sept. 28 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.61 per gallon, down 2 cents from last week.
Nationally, the price of self-serve, unleaded regular fell 5 cents to $2.50 from $2.55 a week ago. That’s down from $3.66 one year ago.
Bloomberg News reported the price of crude oil hovering around $66 a barrel. Last August the price hit a 10-month high of $75 a barrel in New York trading.
But crude oil rose as U.S. equities increased after Iran test-fired a missile and the United Nations debated additional sanctions amid revelations tied to its nuclear program, Bloomberg News reported. Iran is the world’s fourth-largest oil producer.
Crude oil for November delivery rose 73 cents, or 1.1 percent, to $66.75 a barrel at 10:51 a.m. on the New York Mercantile Exchange this morning, Bloomberg said. Futures have gained 50 percent this year.
Still, oil supplies remain high, which appears to be calming the nerves of investors.
“There is quite a bit of spare capacity in the system, so there is no screaming need for Iran’s oil,” Edward Meir, an analyst with MF Global Ltd. in Darien, Conn. told Bloomberg. “It seems the markets are not that unnerved and seem to be implying that the tensions will not be enough to generate any meaningful rally.”
For more information about the nonprofit auto club AAA and its member services, visit www.AAA.com.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
