Gas prices rise 3 cents per gallon to $2.57 in Rhode Island

Gas prices rise 3 cents per gallon to $2.57 in Rhode Island

Gas prices rise 3 cents per gallon to $2.57 in Rhode Island

Patrick DeHaan, lead petroleum analyst for gas price-tracking website GasBuddy, said Monday that recent gas price hikes could be just the tip of the iceberg for what's to come.

Statewide, the average price rose 4.2 cents per gallon to $2.35, the survey shows. "This time around, oil prices have been the culprit for gasoline prices rising to their highest level in over 130 days, and with US crude oil inventories plummeting for 10 straight weeks, I see diminishing chances of the traditional winter relief that accompanies the year's coldest months".

The price of a barrel of crude oil, one of the major drivers of what consumers pay at the pump, closed at $66.14 - highest since December 2014 - on the New York Mercantile Exchange on Friday. At the time, the oil market was oversupplied with crude oil, however, the opposite is happening now. "During the next few months, refineries will randomly conduct maintenance on their equipment and switch to a more-expensive-to-produce summer blend gasoline".

The price of oil climbed another $3 last week to set a new multi-year high, AAA said. Oil prices are up $15 per barrel since October, largely due to a tightening global oil market, AAA said.

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Meanwhile in South Florida, with its higher overall cost of doing business, average gas prices tend to remain higher than the rest of the state.

At $2.58 per gallon, the national gas price is averaging four cents more expensive on the week.

Lincoln's average price as of Monday morning was $2.63 a gallon, according to AAA, which is up 23 cents from a month ago and 17 cents from the same day past year.

Perhaps of some solace: The Bradenton-area average of $2.51 per gallon on Monday was among the lowest in the state, trailing Jacksonville ($2.48), Tampa-St. Motorists were paying $2.38 for gas in New Jersey at this time past year.

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