PROVIDENCE – Gasoline prices in Rhode Island have dropped to the lowest level in three months, AAA Southern New England reported Tuesday.
The auto club’s July 5 survey found the average price of self-serve, unleaded regular at Ocean State stations was $3.71 per gallon, down 3 cents from last week and 35 cents less than the 2011 peak of $4.06 in early May.
A year ago, Rhode Island’s prices at the pump averaged $2.75.
In Massachusetts, gas prices also declined 3 cents to an average price of $3.62. The national average was $3.57.
Meanwhile, crude oil climbed to the highest price in more than two weeks in New York, according to Bloomberg News, after the Greek bailout signaled that global economies may stabilize, boosting fuel demand, and as commodities surged.
Futures rose as much as 2 percent after European finance ministers approved an 8.7 billion euro ($12.6 billion) aid payment to Greece on July 2. Prices also advanced as the Standard & Poor’s GSCI Index of 24 raw materials increased for the first time in three days.
“The economic outlook looks better and the Greek situation looks significantly improved and is no longer a major concern for people,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Mass. “That’s giving people a lot of optimism about the economy in Europe and the U.S.”
Crude for August delivery gained $1.78, or 1.9 percent, to $96.72 a barrel at 9:51 a.m. on the New York Mercantile Exchange. Floor trading was closed Monday for the U.S. Independence Day holiday and electronic trades will be booked with Tuesday’s transactions for settlement purposes. Futures have risen 34 percent in the past year, Bloomberg reported.
At gas stations in Rhode Island this week, the survey found average self-serve prices of $3.88 per gallon for midgrade unleaded, $4.01 for premium unleaded gasoline and $3.99 for diesel.
