PROVIDENCE – Gasoline prices in Rhode Island increased 2 cents from the average price a week ago, AAA Southern New England said Monday.
The auto club’s July 25 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.85, up 2 cents from a week earlier and 14 cents higher than July 5.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
In Massachusetts, prices rose 3 cents to $3.75; the national average was $3.70. A year ago, prices in Rhode Island stood at $2.74; current prices ranged from $3.77 to $3.96.
Meanwhile, Bloomberg News reported oil declined for the first time in five days on concern a failure to reach a deal on raising the U.S. debt limit may cause the nation to default, threatening the economy of the world’s biggest crude consumer.
Futures dropped as much as 1.1 percent after House Speaker John Boehner told Republicans that there’s no agreement on a plan for increasing the ceiling before a default threatened for Aug. 2. Standard & Poor’s has warned there is a 50 percent chance it will lower the U.S. government’s AAA credit rating by one or more levels. Greece’s long-term foreign currency debt was cut three steps by Moody’s Investors Service Monday.
“Uncertainty about the U.S. budget is translating into weaker commodity prices, including oil, today,” said Christopher Bellew, senior broker at Jefferies Bache Ltd. in London. “But the supply-demand fundamentals in oil suggest Brent crude will remain bound in a range of $115 to $120.”
Crude for September delivery fell as much as $1.19 to $98.68 a barrel in electronic trading on the New York Mercantile Exchange and was at $98.98 at 12:43 a.m. London time. The contract advanced 2.7 percent last week, its fourth weekly gain. Prices are 25 percent higher in the past year, Bloomberg said.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.98 per gallon for midgrade unleaded, $4.10 for premium unleaded gasoline and $4.04 for diesel.
