Gas prices fall back 1 cent in last week

PROVIDENCE – Gasoline prices staged a repeat performance Monday, as AAA Southern New England reported a penny increase in the average price of self-serve, unleaded regular in Rhode Island for the second consecutive week.
The auto club’s June 28 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.77 per gallon, up 1 cent from last week, and slightly higher than the $2.70 that was registered a year ago.
At the same time, crude oil prices retreated from a seven-week high, as a tropical storm in the Gulf of Mexico that had appeared likely to affect production in the region looks to “skirt where most of the rigs and refineries are,” Michael Fitzpatrick, vice president of energy at MF Global in New York, told Bloomberg News.
Crude oil for August delivery dropped 66 cents, or 0.8 percent, to $78.20 a barrel at 9:18 a.m. on the New Mercantile Exchange. Future prices have fallen 1.5 percent this year, according to Bloomberg.
In its survey, AAA found prices in Rhode Island ranging from $2.63 to $2.98 per gallon for unleaded regular. At $2.77, the average price per gallon in Rhode Island is the same as the national average.
Prices in Massachusetts fell 2 cents over the last week, landing at $2.71 per gallon for self-serve, unleaded regular gasoline, 5 cents below the national average.
In addition, the survey found average self-serve prices of $2.93 per gallon for midgrade unleaded, $3.00 for premium unleaded gasoline, and $3.03 for diesel.
For more information, visit AAA.com.