PROVIDENCE – Rhode Island gasoline prices broke out of a recent lull, increasing for the first time since the third week of June, AAA Southern New England reported on Tuesday.
In an August 10 survey by the auto club, the average price of self-serve, regular unleaded gasoline in the Ocean State climbed 3 cents to $2.76 per gallon, compared with an average of $2.65 per gallon a year ago.
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The increase in gasoline prices runs counter the the overall petroleum marketplace, as Bloomberg News reported that crude oil for September delivery had dropped as much as $1.51, or 1.9 percent, to $79.97 a barrel Tuesday on the New York Mercantile Exchange in response to lower demand for fuel in the United States and China.
“The weakness of gasoline is one of the most compelling reasons for expecting crude prices to stay range-bound and probably below $80,” Christopher Bellew, senior broker at Bache Commodities Ltd. in London, told Bloomberg. “Poor gasoline demand is a visible indicator of the lack of real recovery.”
The declining demand for gasoline reported by Bloomberg survey comes despite the summer driving season, as the economic recovery continues to lag.
The auto club saw self-serve, regular unleaded prices in Rhode Island ranging from $2.64 per gallon to $2.90 per gallon. The current average is 2 cents below the national average of $2.78 a gallon.
In comparison, the Bay State also reported a 3 cent per gallon increase this week, bringing the average price of self-serve, regular unleaded to $2.70 per gallon. The average price of gasoline in Massachusetts is still below the national average with an 8 cent difference.
AAA also found average prices in Rhode Island of $2.91 per gallon of midgrade unleaded, $3.03 per gallon of premium unleaded and $3.01 per gallon of diesel.
Additional information is available at www.AAA.com.
