PROVIDENCE – Rhode Island gas prices continued to fall as AAA Southern New England reported a 1 cent decrease in the average price of self-serve, unleaded regular in the Ocean State in the last week.
The auto club’s July 12 survey found the average price in Rhode Island to be $2.74 per gallon for self-serve, unleaded gasoline, compared with an average price of $2.63 per gallon a year ago.
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Bloomberg News reported crude oil prices decreased as much as 1.1 percent after three days of gains last week.
Christopher Bellew, senior broker at Bache Commodities Ltd. told Bloomberg, “Last week we got to the top of the recent trading range but failed to break through it, so without a boost from the equity market, oil is likely to sag a bit more.”
Overall, crude oil for August delivery rose from last Tuesday’s $73.61 to trade at $76.06 per barrel Monday morning on the New York Mercantile Exchange, according to Bloomberg. Futures have lost 4.7 percent so far this year, but are still up 27 percent for the past 12 months.
In its survey, AAA found prices in Rhode Island ranging from $2.58 to $2.98 per gallon of self-serve unleaded. At $2.74, the Ocean State average is still 3 cents higher than the national average of $2.71 per gallon.
Gasoline prices in Massachusetts rose one penny this week, bringing the average price of self-serve unleaded gas in the Bay State to $2.72, 1 cent higher than the national average.
The survey also found average self-serve prices of $2.91 per gallon for midgrade unleaded, $3.03 per gallon for premium unleaded and $3.00 per gallon of diesel at Rhode Island gas stations.
For more information visit AAA.com.
