PROVIDENCE – Gasoline prices in Rhode Island and Massachusetts declined for the second consecutive week, according to AAA Southern New England.
The auto club’s Aug. 15 survey found the average price of self-serve, unleaded regular gasoline at Ocean State stations was $3.78 per gallon, down 5 cents from last week and 8 cents over the past two weeks. Prices ranged from $3.60 to $3.91.
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
In Massachusetts, the average price for regular gasoline declined 7 cents to $3.67 per gallon while nationally, it stood at $3.60 – the lowest level since July 7, AAA said.
A year ago, Rhode Island’s prices at the pump averaged $2.75 per gallon.
In New York, Bloomberg News reported gasoline advanced as a weaker dollar increased the investment appeal of commodities and a report that Japan’s economy shrank less than expected eased concern that global growth is slowing.
Futures gained as the dollar fell 1.1 percent against the euro as of 9:36 a.m. in New York. Japan said Monday its second-quarter gross domestic product shrank less than economists estimated in the second quarter.
“What’s bullish today is the weaker dollar and Japan’s GDP is a lot stronger than anticipated,” said Phil Flynn, vice president of research at PFGBest in Chicago.
Gasoline for September delivery rose 1.85 cents, or 0.7 percent, to $2.8407 a gallon at 10:13 a.m. on the New York Mercantile Exchange. Futures increased 0.6 percent last week.
Japan’s GDP contracted at an annualized 1.3 percent rate in the three months ended June 30, marking three consecutive quarters of declines, the Cabinet office said today in Tokyo. The median forecast of 25 economists surveyed by Bloomberg News was for a 2.5 percent drop.
“The Japan numbers were constructive, and that helped a little bit,” said Dominick Chirichella, senior partner at the Energy Management Institute in New York. “The market is still oversold. I don’t think the trends have changed.”
At stations in Rhode Island this week, the survey found average self-serve prices of $3.93 per gallon for midgrade unleaded, $4.06 for premium unleaded gasoline and $4.00 for diesel.
