PROVIDENCE – Gasoline prices in Rhode Island have fallen for the fifth week in a row, AAA Southern New England reported Monday.
The auto club’s June 14 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.74 per gallon, down 1 cent from last week and 23 cents over the past five weeks.
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Crude oil prices continued to rise in New York on Monday after increasing last week as investors speculated a growing U.S. economy will boost demand for fuel, Bloomberg News reported.
Oil rose as much as $1.14, or 1.6 percent, to $74.92 a barrel in electronic trading on the New York Mercantile Exchange. Prices are 5.8 percent above last year’s levels.
“Fundamentals are getting better and the euro is also driving the crude market,” Ken Hasegawa, a commodity derivative-sales manager at broker Newedge in Tokyo, told Bloomberg. “On the downside, the market is well supported above $73 at the moment.”
In its survey, AAA found prices in Rhode Island ranging from $2.59 to $2.97 per gallon for unleaded regular. At $2.74, the average price per gallon in Rhode Island is 5 cents higher than the average price nationwide of $2.69.
A year ago, gas prices in Rhode Island stood at $2.59 per gallon, having rebounded from the steep drop that followed the record highs of the summer of 2008, according to AAA.
Prices also fell again in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.71 per gallon in the Bay State, down 2 cents from last week and 3 cents below Rhode Island’s average.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.88 per gallon for midgrade unleaded, $3.01 for premium unleaded gasoline, and $3.00 for diesel.
For more information, visit AAA.com.
