PROVIDENCE – Gasoline prices have fallen for the fifth week in a row as the cost of a gallon declined by a penny in Rhode Island, according to AAA Southern New England.
The auto club’s July 27 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.58 per gallon. That was down a cent from the average last week and a decline of 12 cents over the past five weeks. The price is up 92 cents since the start of the year.
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…
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Gas prices have been falling in recent weeks after the cost of crude oil declined on world markets. Today, however, crude prices reached their highest level in more than three weeks as traders took a surge in Asian equity markets as a sign that fuel demand could rebound, Bloomberg News reported. Prices rose to $68.99 a barrel before falling back to $67.68.
“Investors see the equity markets as a good lead for what you can expect oil demand to be going forward,” Ben Westmore, an energy and minerals economist at National Australia Bank Ltd. in Melbourne, told Bloomberg. “At times when you’ve got high inflation expectations, investors tend to move toward real assets such as commodities.”
In its survey, AAA found prices in Rhode Island ranging from $2.45 to $2.76 per gallon for unleaded regular. At $2.58, the average price per gallon in Rhode Island is 8 cents higher than the average price nationwide of $2.50.
A year ago, gas prices in Rhode Island had declined from recent record highs to $3.95 per gallon, according to AAA.
In Massachusetts, the survey found the average price of self-serve, unleaded regular was $2.49 per gallon, unchanged from last week but 9 cents below the price in Rhode Island.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.72 per gallon for midgrade unleaded, $2.83 for premium unleaded gasoline, and $2.65 for diesel.
For more information, visit AAA.com.
