AAA: Unrest in Iraq spurs 3 cent spike in R.I. gas prices

GAS PRICES climbed 3 cents in Rhode Island and 4 cents in Massachusetts following uncertainty caused by fighting in Iraq, AAA Southern New England said Monday. The averages in both states were the highest recorded so far this year. / BLOOMBERG FILE PHOTO/CHRIS RADCLIFFE
GAS PRICES climbed 3 cents in Rhode Island and 4 cents in Massachusetts following uncertainty caused by fighting in Iraq, AAA Southern New England said Monday. The averages in both states were the highest recorded so far this year. / BLOOMBERG FILE PHOTO/CHRIS RADCLIFFE

PROVIDENCE – Gas prices surged 3 cents in Rhode Island this week and 4 cents in Massachusetts as concerns about militant extremists causing unrest in Iraq affected oil and gasoline prices nationwide, AAA Southern New England reported.

A gallon of self-serve, unleaded regular gas averaged $3.74 in Rhode Island in the June 23 survey, an increase of 3 cents over the price a week ago. Meanwhile, in Massachusetts, the average price for self-serve, unleaded regular matched last week’s at $3.69 per gallon.

The averages in both states were the highest recorded so far this year.

“The average price of $3.68 per gallon is the highest price recorded nationally on this date in six years,” said Lloyd P. Albert, AAA Southern New England’s senior vice president of public and government affairs. “Much of the attention of global market watchers is on the violence in Iraq and the potential impact on the oil-producing capability of that country.”

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Violence in Iraq is the biggest risk to new supply this decade from any nation in the Organization of Petroleum Exporting Countries, the International Energy Agency said June 13.

While fighters from the Islamic State in Iraq and the Levant have seized cities north of Baghdad, the majority of oil assets are in the south and east. Still, having the al-Qaeda splinter group within miles of the nation’s capital threatens to derail plans to increase production, Bloomberg News reported Monday.

The average prices in both Rhode Island and Massachusetts came in 3 cents higher this week than their respective averages a month earlier. A year ago, the same gas cost $3.60 per gallon in Rhode Island and $3.48 per gallon in Massachusetts.

Self-serve, unleaded regular varied in price from $3.55 to $3.90 across the Ocean State in the survey. The average per-gallon prices for different grades of gas ranged from $3.95 for mid-grade unleaded to $4.04 for both premium unleaded and diesel.

Self-serve, unleaded regular ranged in price across Massachusetts from $3.54 to $3.90 per gallon. Mid-grade unleaded averaged $3.87 this week, while premium unleaded cost an average of $4.00 per gallon, and diesel posted an average price of $4.02 per gallon.

The national average price for a gallon of unleaded regular rose 2 cents this week to $3.68, 1 cent lower than the Massachusetts average and 6 cents lower than Rhode Island’s average.

Bloomberg News contributed to this report.

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