Posted on July - 18 - 2011
Gas prices continue to increase
PROVIDENCE – Following a respite earlier in the summer, gasoline prices in Rhode Island and Massachusetts have risen for the second consecutive week.
According to AAA Southern New England, on July 18, the average price of self-serve, unleaded regular at Ocean State stations was $3.83 per gallon, up 7 cents from a week earlier, and $3.72 in Massachusetts, up 5 cents.
The national average was $3.68. In Rhode Island, prices ranged from $3.66 to $3.90 on Monday; a year ago, gasoline was $2.74.
According to Bloomberg News, oil fell in Monday trading as investors bet that Europe’s worsening debt crisis may slow the economy and crimp fuel demand, and as the euro tumbled the most in a week against the dollar.
Futures dropped as much as 2.5 percent on speculation that European leaders won’t agree on a way to contain the region’s debt crisis at a summit this week.
Futures also fell as equities declined amid concern that U.S. lawmakers will fail to reach a deal on the country’s debt limit two weeks before a deadline.
“Some of the fears of the debt crisis seem to be weighing on the market to start the week,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Conn. “The dollar is higher and that’s kind of weighing on prices.”
Crude for August delivery dropped $2.15, or 2.2 percent, to $95.09 a barrel at 10:47 a.m. on the New York Mercantile Exchange. Earlier, it touched $94.85. Futures have risen 25 percent in the past year.
The special summit by European leaders this week comes after eight of the region’s banks failed stress tests. European Central Bank President Jean-Claude Trichet repeated his opposition to any restructuring of Greek debt.
At stations in Rhode Island this week, the survey found average self-serve prices of $3.96 per gallon for midgrade unleaded, $4.10 for premium unleaded gasoline and $4.00 for diesel.
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