PROVIDENCE – Gasoline prices in Rhode Island have risen for the third week in a row, AAA Southern New England reported Monday.
The auto club’s Nov. 2 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.70 per gallon, an increase of 3 cents from last week. The price of a gallon has gone up 20 cents locally over the last three weeks.
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Crude oil rose as much as 0.9 percent in trading on Monday after new figures showed manufacturing in China expanding at its fastest pace in 18 months, Bloomberg News reported. Crude had earlier fallen to a two-week low below $77 a barrel.
Francisco Blanch, head of global commodities research at Bank of America-Merrill Lynch, said last week that crude oil prices could top $100 a barrel in 2010 due to higher demand, rising global liquidity and the falling value of the U.S. dollar, The Financial Times reported.
Although Blanch warned such an increase “could create significant headwinds for the global economy,” he said the chance of a near-term spike is low because demand is not rising rapidly, the FT said.
In its survey, AAA found prices in Rhode Island ranging from $2.62 to $2.79 per gallon for unleaded regular. At $2.70, the average price per gallon in Rhode Island is a penny more than the average price nationwide of $2.69.
A year ago, gas prices in Rhode Island stood at $2.35 per gallon after plummeting from the record highs hit in the prior summer, according to AAA.
Prices also rose for the third week in a row in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.63 per gallon in the Bay State, up 3 cents from 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 $2.82 per gallon for midgrade unleaded, $2.93 for premium unleaded gasoline, and $2.89 for diesel.
For more information, visit AAA.com.
