PROVIDENCE – Gasoline prices in Rhode Island have stopped climbing after four weeks of increases, AAA Southern New England reported Monday.
The auto club’s March 29 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.78 per gallon, the same as last week.
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Crude oil prices rose the most in more than five weeks on Monday thanks to an improved economic outlook, the weak dollar and the latest moves by European Union officials to deal with the Greek debt crisis, Bloomberg News reported.
Oil rose $2.53, or 3.2 percent, to $82.53 a barrel at 11:04 a.m. in trading on the New York Mercantile Exchange. Crude had fallen to $80 on Friday, its lowest close in two weeks, Bloomberg said.
“[Oil] traders are basing their strategy on consumer demand,” Stephen Schork, an energy analyst, said Monday in a report quoted by Bloomberg. “Increased spending will lead to increased revenues and thus higher wages, allowing consumers to absorb higher prices at the pump. This scenario scales on a global level; every economy follows the same template.”
In its survey, AAA found prices in Rhode Island ranging from $2.69 to $2.86 per gallon for unleaded regular. At $2.78, the average price per gallon in Rhode Island is 2 cents lower than the average price nationwide of $2.80.
A year ago, gas prices in Rhode Island stood at $2.04 per gallon as they began to rise again following their steep descent from the prior summer’s record highs, according to AAA.
Prices were also unchanged in Massachusetts on Monday. The AAA survey found the average price of self-serve, unleaded regular was $2.71 per gallon in the Bay State, the same as last week and 7 cents below Rhode Island’s average.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.91 per gallon for midgrade unleaded, $3.01 for premium unleaded gasoline, and $2.98 for diesel.
For more information, visit AAA.com.
