PROVIDENCE – Gasoline prices have broken through the $4 mark in Rhode Island, AAA Southern New England said on Monday.
The auto club’s May 2 survey found the average price of self-serve, unleaded regular at Ocean State stations was $4.02 per gallon, up 10 cents from last week and 87 cents since the start of the year. The price is seven cents above the national average for regular unleaded of $3.95.
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A year ago, Rhode Island’s average price was $2.87.
In Massachusetts, gasoline prices also rose sharply, up by 12 cents, but stayed just below the $4 mark, at $3.94 per gallon.
At stations in Rhode Island this week, the survey found average self-serve prices of $4.14 per gallon for midgrade unleaded, $4.26 for premium unleaded gasoline and $4.21 for diesel.
On Monday, crude oil jumped to the highest level since September 2008 amid concern that the death of al-Qaida leader Osama bin Laden will spur retaliatory attacks that could disrupt supplies, Bloomberg News reported.
Oil climbed as much as 0.6 percent after dropping the most in almost three weeks in New York after President Barack Obama said U.S. forces killed bin Laden in a firefight Sunday in Pakistan. Stocks rose, pushing up the Standard & Poor’s 500 Index for a fifth day.
“The market realizes that with bin Laden out of the picture, the risk of a reprisal is high, so you don’t want to celebrate too soon,” said Phil Flynn, vice president of research at PFGBest in Chicago. “The stock market seems to be rallying, which could boost demand.”
Oil for June delivery rose 47 cents, or 0.4 percent, to $114.40 a barrel at 10:09 a.m. on the New York Mercantile Exchange. Earlier, it touched $114.65, the highest level since Sept. 22, 2008. The contract gained 6.8 percent last month and has risen 33 percent in the past year.
Brent crude for June settlement gained 27 cents to $126.16 a barrel. on London’s ICE Futures Europe Exchange.
The S&P 500 rose 0.3 percent to 1,367.16. The Dow Jones Industrial Average gained 33.87 points, or 0.3 percent, to 12,844.41.
