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BLOOMBERG NEWS / HERB SWANSON
THE PRICE OF GASOLINE has gone up by more than $1 per gallon in Rhode Island and Massachusetts since January, AAA Southern New England said today.
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PROVIDENCE – Gasoline prices have climbed for a 10th straight week as the cost of a gallon rose 5 cents in Rhode Island and 4 cents in Massachusetts, AAA Southern New England reported today.
The auto club’s June 22 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.70 per gallon. That was up 5 cents from the average price last week and an increase of $1.04 since the start of the year.
The cost of gas has surged this spring as the market price of crude oil has risen, although the run-up has stalled in recent days. Oil was trading below $70 a barrel this morning for the second session in a row, at one point falling below $67 a barrel, Bloomberg News reported.
With prices up and the economy weak, consumer demand for gasoline has fallen compared with a year ago, according to the U.S. Energy Department. Total daily demand was 6 percent lower in the week that ended June 12 than it was during the same week of 2008.
In its survey today, AAA found prices in Rhode Island ranging from $2.63 to $2.89 per gallon for unleaded regular. At $2.70, the average price per gallon in Rhode Island is 1 cent higher than the average price nationwide of $2.69.
A year ago, gas prices in Rhode Island averaged $4.09 per gallon, near their all-time peak (not adjusting for inflation), according to AAA.
In Massachusetts, today’s survey found the average price of self-serve, unleaded regular was $2.63 per gallon, up 4 cents from last week and $1.01 since the start of the year, but still 6 cents below the current national average.
At stations in Rhode Island this week, the survey found average self-serve prices of $2.83 per gallon for midgrade unleaded, $2.94 for premium unleaded gasoline, and $2.70 for diesel.
Gas prices will increase further in Rhode Island next week if the General Assembly and Gov. Donald L. Carcieri sign off on the budget proposal approved last Wednesday by the House Finance Committee.
The House measure would increase the state gasoline tax by 2 cents, to 33 cents per gallon, starting July 1, the first day of the fiscal year. The additional revenue would be directed to the R.I. Public Transit Authority. The full House is expected to vote on the budget Wednesday.
For more information, visit AAA.com.