PROVIDENCE – Gasoline prices rose for the fourth straight week, AAA Southern New England reported Monday.
Gasoline prices increased by just one penny to reach an average price of $3.86 for self-serve, unleaded regular at Ocean State stations, the auto club’s Aug. 1 survey found.
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The price was 15 cents above the national average, $3.71, and 10 cents above the price in Massachusetts, $3.76. A year ago, Rhode Island’s prices at the pump were $2.73.
According to Bloomberg News, oil climbed the most in more than two months after President Barack Obama said congressional leaders approved a deal to raise the U.S. debt ceiling, signaling the world’s biggest crude-consuming country will avoid a default.
Futures advanced as much as 2.9 percent after Obama spoke from the White House and Senate Majority Leader Harry Reid endorsed the emerging accord between Republican leaders and the administration. The U.S. won’t default on its obligations, Senate Minority Leader Mitch McConnell said. Prices dropped 4.2 percent last week on concern the U.S. would default.
“We’re getting a relief rally after falling last week on nervousness over the deficit and the threat of default,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York.
Crude for September delivery rose $2.45, or 2.6 percent, to $98.15 a barrel at 9:22 a.m. on the New York Mercantile Exchange. Earlier prices touched $98.43, the biggest percentage gain since May 18. Prices are up 21 percent over the past year, Bloomberg reported.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.97 per gallon for midgrade unleaded, $4.11 for premium unleaded gasoline and $4.04 for diesel.
