PROVIDENCE – Rhode Island prices for gasoline have continued narrow fluctuations, dropping slightly after gaining 1 cent last week, AAA Southern New England said Monday.
The auto club’s August 16 survey found the average price of self-serve, regular unleaded gasoline in Rhode Island has fallen 1 cent to $2.75 per gallon. A year ago this week, AAA had seen a state average of $2.68 per gallon.
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This week, the movement of gasoline prices in the Ocean State was again counter to the changes in the petroleum commodities market.
After falling last week, crude oil has rebounded on news of expected gains in manufacturing production and housing starts during July, Bloomberg News reported. Additionally, oil prices were boosted by a weaker dollar, which has increased the investment appeal of commodities.
According to Bloomberg, crude oil for September delivery was trading at $75.95 per barrel Monday morning on the New York Mercantile Exchange.
“The question is whether we’re seeing a genuine recovery that will lead prices above $80 or just a corrective rebound,” Christopher Bellew, senior broker at Bache Commodities Ltd., told Bloomberg. “The stuttering economic recovery will ensure that rallies will only go so far.”
AAA’s survey found prices in Rhode Island ranging from $2.60 to $2.92 a gallon. The state’s average is currently on par with the national average of $2.75 per gallon.
The average price of self-serve, regular unleaded gasoline in Massachusetts also fell 1 cent to $2.69 per gallon, staying below the national average with a 6 cent difference
In Rhode Island, the auto club additionally reported average self-serve prices of $2.89 per gallon of midgrade unleaded, $3.00 per gallon of premium unleaded, and $3.01 per gallon of diesel.
Additional information is available at www.AAA.com.
