Gas prices fall, futures surge

By Kimberley Donoghue
PBN Web Editor
Twitter: @kdonog

PROVIDENCE – Gasoline prices in Rhode Island shed 5 cents on Monday, according to AAA Southern New England.

Gasoline futures surged as equities jumped after sales in the U.S. reached a Thanksgiving holiday record and the dollar declined on speculation European leaders will step up efforts to control the region’s debt crisis, Bloomberg News reported.

Gasoline for December delivery increased 7.8 cents, or 3.2 percent, to $2.5269 a gallon at 9:34 a.m. on the New York Mercantile Exchange, Bloomberg said. The National Retail Federation reported Sunday that holiday sales increased 16 percent.

The auto club’s Nov. 28 survey found the average price of self-serve, regular gasoline at Ocean State stations was $3.42 per gallon, 12 cents above the national average. A year ago, it was 37 cents lower, at $3.05.

In Massachusetts, self-serve, regular gasoline was $3.32, down two pennies from last week.

At stations in Rhode Island this week, the survey found average self-serve prices of $3.65 per gallon for midgrade unleaded, $3.78 for premium unleaded gasoline and $3.97 for diesel.