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PAST INCREASES in the average U.S. price of unleaded regular gasoline have “often preceded or coincided with a U.S. recession,” Chart of the Day noted in an analysis of data from the U.S. Department of Energy.
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PROVIDENCE – “Gasoline prices in Rhode Island continue hovering well below the $2-per-gallon mark,” AAA Southern New England said today in its weekly fuel-price report.
AAA’s Dec. 1 survey found the price of self-serve, regular unleaded gasoline at Ocean State stations fell for the 11th consecutive week. The statewide average of $1.859 per gallon was 7 cents less than in last week’s survey, 23 cents less than on Nov. 17 (READ MORE) and $2.25 less than the record high of $4.109 per gallon recorded in the nonprofit auto club’s July 7 weekly survey. (READ MORE)
“The last time [Ocean State] prices were this low was in mid-January 2005, when the unleaded regular average dropped to $1.82,” AAA said. A year ago, the average Rhode Island price was $3.079.
Neighboring Massachusetts also saw prices fall for the 11th straight week. The average price of self-serve regular at Bay State stations today was $1.849. That was down 7 cents over the past seven days, 24 cents over the past two weeks and $2.24 from the July 7 survey’s record high of $4.089. A year ago, the average Bay State price was $3.029, AAA said.
Prices in both states last week broke the $2 mark for the first time since March 2005, and this week have fallen to their lowest levels since mid-to-late January 2005, when self-serve unleaded was selling locally for $1.829, the auto club added.
At Rhode Island stations this week, self-serve prices for unleaded regular had a range of 37 cents, slightly broader than the 31-cent range of a week ago. Today’s prices ran from a low of $1.789 to a high of $2.159, AAA said. Wider ranges were seen for other grades of fuel, which had average self-serve prices of $2.019 per gallon for midgrade unleaded (down 10 cents per gallon), $2.159 for premium unleaded gasoline (down 9 cents) and $2.929 for diesel (down 4 cents).
AAA Southern New England is a nonprofit auto club providing travel, insurance, finance and auto-related services to more than 2 million local members with 34 offices in Rhode Island and Massachusetts. To find the most up-to-date self-service and full-service gasoline prices in a given area, go to www.AAA.com and click on Gas Saving Tips & Tools.
