Gas prices creep up 1 cent in R.I., Mass.

PROVIDENCE – Gas prices crept upward by one penny in Rhode Island and Massachusetts, AAA Southern New England reported Monday.
The auto club’s Jan. 24 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.19, up 1 cent and marking the fifth consecutive week of price increases.
Massachusetts pump prices also added 1 cent, up for the eighth consecutive week, to an average of $3.10. The national average for gas was $3.11.
According to Bloomberg News, crude oil fell to the lowest level in two weeks as Saudi Arabian Oil Minister Ali al-Naimi signaled OPEC may bolster production to meet increasing fuel demand.
Oil dropped as much as 1.9 percent after al-Naimi said he was “optimistic” about energy markets and that oil prices would be stable. Merrill Lynch Wealth Management said crude oil will likely surpass $100 a barrel and Goldman Sachs Group Inc. said commodities may be heading toward a “structural bull market.”
“Naimi’s comments should be very bearish for the market,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. “It suggests that the Saudis aren’t interested in seeing higher prices and may put a lid on them.”
Crude oil for March delivery slipped 97 cents, or 1.1 percent, to $88.14 a barrel at 10:42 a.m. on the New York Mercantile Exchange. Prices touched $87.40, the lowest level since Jan. 7. Futures are up 18 percent from a year ago, Bloomberg said.
Prices in Rhode Island ranged from $3.13 to $3.29 this week. A year ago, gas prices stood at $2.75 per gallon.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.30 per gallon for midgrade unleaded, $3.42 for premium unleaded gasoline and $3.49 for diesel.
This week, the auto club recommended that drivers go “gentle on the pedals,” noting aggressive driving can lower a car’s fuel economy by 33 percent.
For more information, visit AAA.com