Last Update: March 19 @ 7:09 PM
energy
R.I. gas prices jump after oil hits ’09 high
BLOOMBERG NEWS FILE PHOTO / JIN LEE
The average price of self-serve, unleaded regular gasoline in Rhode Island stood at $2.67 per gallon on Monday, according to AAA Southern New England.


PROVIDENCE – Gasoline prices in Rhode Island have risen for the second week in a row with a double-digit increase, AAA Southern New England reported Monday.

The auto club’s Oct. 26 survey found the average price of self-serve, unleaded regular at Ocean State stations was $2.67 per gallon, up 13 cents from last week and 17 cents since the two-week climb began.

Crude oil prices reached a one-year high of $82 a barrel last Wednesday in trading on the New York Mercantile Exchange and was trading near $80 a barrel early Monday. Oil prices are up 79 percent since the start of 2009.

Goldman Sachs Group Inc. on Monday reiterated its forecast for crude oil to reach $85 a barrel by the end of the year on the strength of “robust” demand for diesel fuel in China. The investment banks predicts oil prices will average $110 a barrel next year.

“Chinese oil demand is leading the way and U.S. oil demand is lagging behind,” Goldman analysts said in the report. “We are likely to see a recovery in which strong emerging-market oil demand puts upward pressure on crude oil prices.”

In its survey, AAA found prices in Rhode Island ranging from $2.54 to $2.79 per gallon for unleaded regular. At $2.67, the average price per gallon in Rhode Island is equal to the national average.

Gas prices in Rhode Island have also passed a key threshold – the average is now higher than it was at this time in 2008, a year when gasoline hit record highs. A year ago, gas prices in Rhoed Island stood at $2.62 per gallon, a nickel less than the current price, according to AAA.

Prices also rose for the second week in a row in Massachusetts. The AAA survey found the average price of self-serve, unleaded regular was $2.60 per gallon in the Bay State, up 11 cents from last week and 7 cents below Rhode Island’s average.

At stations in Rhode Island this week, the survey found average self-serve prices of $2.79 per gallon for midgrade unleaded, $2.90 for premium unleaded gasoline, and $2.88 for diesel.

For more information, visit AAA.com.

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