PROVIDENCE – Gasoline prices in Rhode Island have fallen for the third week in a row, AAA Southern New England reported Tuesday.
The auto club’s June 1 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.79 per gallon, down 8 cents from last week and 18 cents over the past three weeks. Prices peaked on May 10 at $2.97 before beginning to decline.
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Crude oil prices dropped in New York for a second day on Tuesday as investors continued to mull whether a slowdown in global economic growth could hamper demand for commodities, Bloomberg News reported.
Oil fell 3.2 percent to $71.64 a barrel in the first day of June trading on the New York Mercantile Exchange. Prices fell 14 percent in May, the biggest monthly drop since December 2008, according to Bloomberg.
“Prices are very sensitive to any news at the moment. The Chinese data was not that bad,” Thina Saltvedt, a commodities analyst at Nordea Bank AB in Oslo, told Bloomberg. And with fuel demand rising in the U.S., “it seems like the underlying macro economic data is okay. When risk appetite comes back to the market, prices should move up.”
In its survey, AAA found prices in Rhode Island ranging from $2.61 to $2.98 per gallon for unleaded regular. At $2.79, the average price per gallon in Rhode Island is 7 cents higher than the average price nationwide of $2.72.
A year ago, gas prices in Rhode Island stood at $2.49 per gallon as they began climbing following their steep drop from the record highs of the summer of 2008, according to AAA.
Prices also fell for a second week in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.76 per gallon in the Bay State, down 6 cents 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 $2.95 per gallon for midgrade unleaded, $3.08 for premium unleaded gasoline, and $3.04 for diesel.
For more information, visit AAA.com.
