PROVIDENCE – Gasoline prices in Rhode Island have fallen for the third week in a row, AAA Southern New England reported Monday.
The auto club’s Sept. 21 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.63 per gallon, down 3 cents from last week.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
The price of crude oil has increased 61 percent since the start of this year. After hitting a 10-month high of $75 a barrel in New York trading on Aug. 25, the price has hovered around $70, according to Bloomberg News.
The weak economy and below-normal summer driving have left gasoline supplies at their highest level in nearly two decades, according to Jonathan Barratt, managing director at Commodity Broking Services Pty.
Prices are unlikely to change significantly until clear evidence arrives of where the economy is headed, Toby Hassall, research analyst with Commodity Warrants Australia Pty in Sydney, Australia, told Bloomberg.
Investors are “now looking at the market-specific fundamentals for oil and are asking whether there is enough of a justification to break higher out of this range,” Hassall said.
In its survey, AAA found prices in Rhode Island ranging from $2.48 to $2.79 per gallon for unleaded regular. At $2.63, the average price per gallon in Rhode Island is eight cents higher than the average price nationwide of $2.55.
A year ago, gas prices in Rhode Island were in the midst of their rapid descent from the record highs of the previous summer, but still stood at $3.52 per gallon, according to AAA.
In Massachusetts, prices also fell for a third straight week. The AAA survey found the average price of self-serve, unleaded regular was $2.56 per gallon in the Bay State, down 4 cents from last week.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.78 per gallon for midgrade unleaded, $2.90 for premium unleaded gasoline, and $2.72 for diesel.
For more information, visit AAA.com.
