PROVIDENCE – Gasoline prices in Rhode Island remained the same as the last two weeks, according to AAA Southern New England’s Sept. 6 survey.
On Tuesday, a day later than normal due to Labor Day, the average price of self-serve, unleaded regular at Ocean State stations was $3.74 per gallon. Prices ranged from $3.60 to $3.90. A year ago, the average price in Rhode Island was $2.66.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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The national average dropped for the first time in 15 days on Monday to an average price of $3.67. In Massachusetts, prices increased 3 cents to $3.65.
Meanwhile, in New York, gasoline declined to a two-week low amid speculation that slower U.S. economic growth will curtail demand for the motor fuel, Bloomberg News reported.
Futures slipped along with equities after the Bureau of Labor Statistics reported Sept. 2 that the U.S. added no jobs in August. A report Tuesday will probably show that service industries expanded at the slowest pace in more than a year. The Standard & Poor’s 500 stock index fell 2.5 percent at 9:41 a.m. in New York.
“As long as we have mixed signs about the economy I think products prices” could head lower, said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn.
Gasoline for October delivery fell 5.03 cents, or 1.8 percent, to $2.7893 a gallon at 9:44 a.m. on the New York Mercantile Exchange. Prices touched $2.7702, the lowest intraday level since Aug. 22.
Payrolls were unchanged last month, the weakest reading since September 2010, after an 85,000 gain in July that was less than initially estimated, Labor Department data showed in Washington last week.
The Institute for Supply Management’s non-manufacturing index fell to 51 last month, the lowest level since January 2010, from 52.7 in July. A reading of 50 is the dividing line between expansion and contraction in the largest part of the economy.
Heating oil for October delivery dropped 2.58 cents, or 0.9 percent, to $2.9716 a gallon.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.88 per gallon for midgrade unleaded, $4.02 for premium unleaded gasoline and $3.97 for diesel.
