PROVIDENCE - Gasoline prices fell for the third consecutive week as the cost per gallon fell 4 cents in Rhode Island, AAA Southern New England said yesterday.
On July 13 Auto Club survey of the average price of self-serve unleaded regular at Ocean State stations was $ 2.63 per gallon. That was 4 cents below the average for the last week, and a reduction of 7 cents, because three weeks ago. The price is 97 cents since the beginning of the year.
The cost of gas has risen this spring, as the market price of crude oil increased, and prices falling in recent weeks against the backdrop of disturbing signs in the global economy.
In its review, AAA found prices in Rhode Island range from $ 2.45 to $ 2.76 per gallon of unleaded regular. At $ 2.63, the average price per gallon in Rhode Island at 11 cents higher than the nationwide average price of $ 2.52.
A year ago, gas prices in Rhode Island was near all time high (not adjusted for inflation) of $ 4.09 per gallon, according to AAA.
In Massachusetts, the survey showed the average price of self-serve unleaded regular was $ 2.56 per gallon, compared with 3 cents last week, but 4 cents above the national average.
At stations in Rhode Island this week, a survey revealed the average self-serve price of $ 2.78 per gallon of unleaded midgrade, $ 2.87 for premium unleaded gasoline and $ 2.66 for diesel fuel.
Although the country's economic situation remains critical, users can see circumstances improve, at least in one place - the gas station.
During the summer of 2008 in Illinois at an average price of gasoline have more than $ 4 per gallon, according to the Energy Information Administration website, and the average price for gasoline in the West was listed as $ 2.43 on July 13. For assistance from a number of factors, said Daniel Primont, professor of economic faculty at SIUC.
"This summer, more typical, he said." Last summer was typical. This is not to say: "Why is it lower than this summer?" But rather to say: "Why is it higher than last summer?" Primont said.
He said that he thought it was at least three reasons why gas prices rose so high last year.
First, people with an interest in the oil business, or speculators affect the price of gasoline from their projections, he said.
He said that the price of gasoline is a reflection of the economic downturn.
For example, he said that if the person in possession of oil is of the opinion that the price of petrol will rise in the future, he can take it out of the market until the price increases, which is actually the cause of rising prices, the situation is closer to the last year the .
Right now, because speculators are predicting less demand for oil, they also predict a lower price.
Second, to explain the results Primont Philip K. Verleger, a prime economic consultants, is the shortage in the supply of sweet crude oil, which is used to produce gasoline.
The Ministry of Energy of the U.S. strategic petroleum reserve "the largest state of emergency stockpile of crude oil in the world," according to the DOE website.
"Last summer, the reserve was exhausted, and they would like to build it right up to the top", Primont the DOE said the desire to retain an emergency supply of sweet crude oil as a national defense measure. The result was less gasoline available to the public.
A third reason for the higher prices in the past year, Primont said, had to do with the return of the big storms, like Hurricane Katrina, which damaged oil refineries that turn oil into gasoline.
In any case, observers see little change in how people buy gas.
Annie Gimse, who worked at the Hucks for two years as a cashier, said she did not notice big changes in the consumption of gasoline since last summer to summer.
In Hucks at 1900 S. Illinois Avenue were selling gasoline at $ 2.46 per gallon Monday.
Gimse said she shutila about getting his bike last year, but in fact has never been fulfilled.
"People still have to go to school and work," she said.
MOSCOW (Reuters) - The average price paid for gasoline of drivers has fallen to $ 2.46 per gallon, its lowest level in eight weeks, the Department of Energy said Monday.
The national price for regular unleaded gasoline fell 6.5 cents over the past week and dropped to $ 1.60 a year ago, the Department of Energy Information Administration said in its weekly survey of filling stations.
The latest pump price reflects a reduction in the cost of crude oil, which constitute more than half the cost of making gasoline.
In its weekly price survey EIA found on the west coast was the most expensive gasoline at $ 2.77 per gallon, compared with 5 cents last week. In the city of San Francisco was the highest price at $ 2.87, down 3 cents.
On the Gulf Coast States to the lowest price in the regional $ 2.32 per gallon, down 6 cents. Houston was the cheapest city pump price of $ 2.26, down 6 cents.
The Agency also said gasoline prices were down 8 cents at $ 2.68 in Seattle, down 7 cents at $ 2.59 in Chicago, down 6 cents at $ 2.58 in Miami, down 5 cents at $ 2.56 in New York, down 6 cents at $ 2.46 in Boston and down 10 cents at $ 2.35 in Cleveland.
In addition, the average price for diesel fuel fell 5 cents to $ 2.50 per gallon, compared with $ 2.22 a year ago, EIA said.
In the Central Atlantic states, again the most expensive diesel at $ 2.63 per gallon, up 3 cents. On the Gulf Coast region, the cheapest diesel at $ 2.44, as well as 5 cents.
Copyright 2009 Reuters Limited.
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