Gas prices up for 6th week in a row

GASOLINE prices increased in Rhode Island for the sixth consecutive week, AAA Southern New England reported Monday.
Posted 2/6/12

PROVIDENCE – Gasoline prices increased in Rhode Island for the sixth consecutive week, AAA Southern New England reported Monday.

The auto club found the average prices of self-serve, regular, unleaded gasoline in Rhode Island was $3.59 per gallon, up one penny from last week and 14 cents over the last month. Prices ranged from $3.48 to $3.70.

A year ago, the average was $3.19 at pumps in the Ocean State.

In Massachusetts, prices stood at $3.50 per gallon. The national average was $3.49.

According to Bloomberg News, oil declined in New York on concern that Greece will fail to take sufficient steps to avert a default, threatening Europe’s economy and fuel consumption.

Futures dropped as much as 1.5 percent before a deadline for Greece to accept terms demanded by international lenders on a bailout package. Brent oil in London traded at the biggest premium to the American benchmark grade in 12 weeks as record-low temperatures in Europe bolstered fuel demand.

“There’s disappointment in the market because there’s been no resolution of the Greek crisis,” said Phil Flynn, an analyst at PFGBest in Chicago. “Cold temperatures in Europe along with concerns about Iran and other trouble spots are helping keep Brent strong.”

Crude oil for March delivery fell 55 cents, or 0.6 percent, to $97.29 a barrel at 10:57 a.m. on the New York Mercantile Exchange. Prices are down 1.6 percent this year.

At service stations in Rhode Island this week, the survey found average self-serve prices of $3.71 per gallon for midgrade unleaded, $3.84 for premium unleaded gasoline and $4.00 for diesel.

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