Gas prices continue to rise but less drastically

PROVIDENCE – Gasoline prices in Rhode Island continued to rise on Monday, but at less-drastic clip than witnessed in recent weeks.
AAA Southern New England’s March 14 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.56. This week’s five-cent rise was one third of the price hikes the auto club reported the previous two weeks.
Prices in the Ocean State ranged from $3.47 to $3.69 per gallon for unleaded regular. A month ago, the average price was $3.19; a year ago, they stood at $2.77.
In Massachusetts, gasoline prices were up 3 cents at $3.47 per gallon.
According to Bloomberg News, crude oil fell in New York to the lowest level in two weeks on speculation demand from Japan may decline after the 8.9-magnitude earthquake devastated the world’s third-largest economy.
Prices tumbled 4.5 percent in five days of losses, the longest losing streak in a month, as the quake that hit the country on March 11 shut 29 percent of domestic refining capacity, according to Bloomberg calculations based on Petroleum Association of Japan data.
“You are taking demand from the third-largest economy out of the market and oil is responding negatively,” said Tom Bentz, a broker with BNP Paribas Commodity Futures in New York. “The short-term trend still looks to be lower. The next support area is somewhere around $96.”
Oil for April delivery fell 48 cents, or 0.5 percent, to $100.68 a barrel at 10:07 a.m. on the New York Mercantile Exchange. Futures touched $98.47, the lowest intraday price since March 1. Crude is up 24 percent from a year ago.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.68 per gallon for midgrade unleaded, $3.79 for premium unleaded gasoline and $3.99 for diesel.
Gas prices have been on the rise in Rhode Island for six consecutive weeks.