Gas prices stop slide as oil rises past $78

The average price of self-serve, unleaded regular gasoline in Rhode Island stood at $2.75 per gallon on Monday, according to AAA Southern New England. /
The average price of self-serve, unleaded regular gasoline in Rhode Island stood at $2.75 per gallon on Monday, according to AAA Southern New England. /

PROVIDENCE – Gasoline prices in Rhode Island have risen for the first time in six weeks, though not by much, AAA Southern New England reported Monday.

The auto club’s June 21 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.75 per gallon, up 1 cent from last week but 12 cents below the average price a month ago.

Oil prices rose to a six-week high on Monday as investors speculated that China’s decision to allow its currency to fluctuate in value could lead to increased fuel demand, Bloomberg News reported.

Crude oil for July delivery rose as much as $1.69, or 2.2 percent, to $78.87 a barrel in electronic trading on the New York Mercantile Exchange. That is the highest price since May 6, according to Bloomberg.

- Advertisement -

“We’re looking to the east this morning and the indication that the yuan will be allowed to strengthen,” Christopher Bellew, senior broker at Bache Commodities Ltd. in London, told Bloomberg. “The impact of cheaper oil for Chinese consumers and the stimulus for imports is what is pushing prices up this morning.”

In its survey, AAA found prices in Rhode Island ranging from $2.57 to $2.97 per gallon for unleaded regular. At $2.75, the average price per gallon in Rhode Island is 2 cents higher than the average price nationwide of $2.73.

A year ago, gas prices in Rhode Island stood at $2.70 per gallon, having rebounded from the steep drop that followed the record highs of the summer of 2008, according to AAA.

Prices also rose for the first time in six weeks in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.72 per gallon in the Bay State, up 1 cent 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 $2.90 per gallon for midgrade unleaded, $3.02 for premium unleaded gasoline, and $3.01 for diesel.

For more information, visit AAA.com.

No posts to display