PROVIDENCE – Gasoline prices stayed the same as last week in Rhode Island, according to AAA Southern New England on Monday.
The average price of self-serve, unleaded regular gasoline at Ocean State stations was $3.74, the same as last week, although it was 97 cents higher than a year ago. The range of prices in Rhode Island was $3.63 to $3.90 per gallon.
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In Massachusetts, the average price fell 3 cents to $3.62 – the same as the national average.
Meanwhile, oil rose for a third day in New York, Bloomberg News reported, increasing with equities on optimism that the economy will keep expanding and a report that U.S. consumer spending rose in July.
U.S. West Texas Intermediate crude futures jumped as much as 2.6 percent after the Commerce Department said purchases increased 0.8 percent in July, the biggest gain since February. The Dow Jones Industrial Average and the Standard & Poor’s 500 Index both advanced more than 1.5 percent.
“We’re seeing equities looking up and WTI following that,” said Matt Smith, a commodities analyst for Summit Energy Services Inc. in Louisville, Kentucky. “Consumer spending makes up 70 percent of GDP. It’s an indicator of an expanding economy which has a positive reflection on oil demand.”
Crude for October delivery rose $1.89, or 2.2 percent, to $87.26 a barrel at 9:45 a.m. on the New York Mercantile Exchange. Earlier, it touched $87.62. Futures have fallen 4.5 percent this year.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.88 per gallon for midgrade unleaded, $4.02 for premium unleaded gasoline and $3.97 for diesel.
