R.I. gas prices increase for 1st time since Sept. 12
GASOLINE prices in Rhode Island rose for the first time since Sept. 12 on Monday.
BLOOMBERG NEWS FILE PHOTO DAVID PAUL MORRIS
By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
PROVIDENCE - Gasoline prices in Rhode Island rose for the first time since Sept. 12 on Monday.
The auto club’s Oct. 17 survey found the average price of self-serve, unleaded regular gasoline at Ocean State stations was $3.56 per gallon, up one penny from last week. Prices ranged from $3.40 to $3.85.
In Massachusetts, the average price for regular gasoline also added one penny to $3.43.
A year ago, Rhode Island’s prices at the pump averaged $2.85 per gallon, 71 cents less than today’s numbers.
In New York, gasoline declined for the first time in five days as Germany dashed expectations that a quick solution to Europe’s sovereign debt crisis was possible, sending the dollar higher, Bloomberg News reported.
Futures slipped as Germany said European Union leaders won’t have the complete fix to the euro-area debt crisis that global policy makers are pushing for at an Oct. 23 summit. The region’s debt crisis threatens global economic recovery and fuel demand.
“We don’t have anything definitive coming out of Europe and that’s giving the longs some pause,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn. Investors take a long position buy a security with the expectation the value will rise.
The dollar rose 0.8 percent against the euro at 12:10 p.m. in New York, reducing the investment appeal of commodities. The Standard & Poor’s 500 Index declined 1.3 percent.
“The S&P is down and the dollar is up nicely and that’s where some selling pressure is coming from,” McGillian said. “And products are definitely following Brent.”
Brent oil for December delivery lost $1.42, or 1.3 percent, to $110.81 a barrel on the ICE Futures Europe exchange.
Gasoline and heating oil futures prices are influenced by changes in Brent as refineries on the U.S. East Coast, where Nymex futures are delivered, process oil priced versus the European benchmark.
November-delivery heating oil fell 2.81 cents, or 0.9 percent, to $3.0277 a gallon on the Nymex exchange, after rising 6.9 percent last week, Bloomberg said.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.74 per gallon for midgrade unleaded, $3.87 for premium unleaded gasoline and $3.92 for diesel.