PROVIDENCE – Gas prices rose in both Rhode Island and Massachusetts, AAA Southern New England said on Monday.
The auto club’s Jan. 17 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.18, up one penny from last week and 9 cents above the national average.
Massachusetts matched the national average at $3.09, adding 1 cent from last week’s average.
Gas prices increased for the fourth consecutive week in Rhode Island and the seventh consecutive week in Massachusetts.
According to Bloomberg News, gasoline futures declined on speculation that the fuel is overpriced after reaching a 27-month high and as stockpiles are projected to rise.
Prices slipped as supplies probably increased 2.6 million barrels last week, according to the median estimate of eight analysts in a survey by Bloomberg News. Inventories expanded to a 16-week high during the week ended Jan. 7, according to the Energy Department.
“Last week we made new highs on lower volume and, technically, the market looks a little overdone,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn.
Gasoline for February delivery fell 2.46 cents, or 1 percent, to $2.47 a gallon at 9:53 a.m. on the New York Mercantile Exchange. Futures rose 3.4 percent last week as refinery shutdowns limited supplies.
“We’re looking a little overbought,” said Fred Rigolini, vice president of Paramount Options Inc. in New York and a trader at the Nymex. “With the cold weather, you’ll probably see more of a buildup in gasoline stocks because no one is driving.”
A year ago, gas prices in Rhode Island were $2.77 per gallon.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.30 per gallon for midgrade unleaded, $3.41 for premium unleaded gasoline and $3.46 for diesel.
Prices in the Ocean State ranged from $3.09 to $3.33, AAA said on Jan. 17.
On Tuesday, the Providence-Fall River-Warwick metro area saw regular gas average $3.21.
This week, the auto club recommended that drivers adhere to the speed limit, saying the U.S. Department of Energy reports that each 5 mph driven over 60 mph is like paying an additional 24 cents per gallon of gas.
For more information, visit AAA.com
