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May 12, 2008

Gasoline, heating oil hit new highs -- again

If you were among those waiting at the gas pumps yesterday, this won't come as a surprise.

Gas prices in Rhode Island have increased another 10 cents in the past week to reach another record high, according to AAA Southern New England.

The average price for a gallon of regular, unleaded gasoline is $3.709 at the self-service pump, according to AAA's weekly survey.

That's 57 cents more than drivers were paying at the beginning of the year.

Another survey, by the Rhode Island Office of Energy Recourses, had the average price at $3.739 per gallon, a 13-cent increase over the price their survey found last week.

Diesel fuel drivers are paying even more, an average of $4.46 per gallon, according to AAA.

The Rhode Island Office of Energy Resources' survey found diesel selling for $4.539 a gallon.

The price of home heating oil averaged $4.309 a gallon, up 32 cents a gallon, The Rhode Island Office of Energy Resources. The prices in the state survey ranged from $4.549 a gallon to $4.059 a gallon.

Special report: How increasing fuel prices are affecting our daily lives.

Posted by Jack Perry  at 10:13 AM | Permalink

Comments

Two stations in Providence are over $4 for regular now. hoorah

JB | May 12, 2008 10:32 AM link

Could we not report on the price of gas, we as consumers are tired of reading and hearing about it. The government can't stop the record profits by the oil company's and people still buy hummers, so until their is an electric car on the market that is dependable that I can afford, lets all shut up about gas prices R.R.H

R.R.H | May 12, 2008 12:38 PM link

Ok...Now, what the gorverment will do?. I cannot efford it anymore. So i guess that means i am screwed?.

I say, move to warmer states.

Johnn | May 12, 2008 1:08 PM link

Gas will be 5 dollars per gallon this summer, and oil will be 250 per barrel within 3 years.

We were selfish, did not have a national energy policy, and the sleeping giants of India and China are starting to industrialize.

ScottRW | May 12, 2008 2:57 PM link

There is a lot more going on here than just gas prices. Part of the issue is that oil is traded in US dollars. As the US dollar falls, the cost of gas goes up. The rate of increase in fuel prices is higher than in other countries (such as Europe).

Let's hope that as gas prices reach highs, it make more energy efficient technologies more realistic to research, develop, and sell. If the US dollar recovers, that will help go towards lowering gas costs slightly as well.

Common Sense | May 12, 2008 5:55 PM link

Gas prices are crazy there are so many homeless people and people in foreclosure they can not afford anything not even the gas prices... this is legalized robbery and that is not right.. when you have the reports that Exxon ONLY made $11 billion for the quarter, how do you explain that the price of oil from country to country is part of the problem.... EXXON ALONE MADE ONLY $11 BILLION FOR THE QUARTER!!! How do these people sleep at night knowing they are the cause of most of this... it is greed and that is why the rich get richer and the poor get poorer and the heck with the middle class.... in 2001 we paid $1.25 for Super??? Help me explain this greed that people have and help me understand where they sleep at night knowing about all of the people going hungry and all the people that have lost there houses and the ones that are about to??? This is crazy we should have had a cap on this along time ago....

Renee | May 12, 2008 8:25 PM link

The above comment, "The rate of increase in fuel prices is higher than in other countries (such as Europe)" is absurd. The price of fuel in Europe has long been 2-3 times the cost in the USA. According to the graphic at http://www.gadling.com/2007/06/26/the-price-of-gas-around-the-world/, last summer it was around $6.50 a gallon there while it was a paltry $2.76 in New York. We have a long way to go before the SUV soccer moms finally give it up and squeeze their troops into the ultra-minis that Europeans have been driving for decades.

Don't depend on decreased demand to bring prices down, either. Remember that much of the costs associated with the fuel industry are fixed costs, irrespective of whether they pump one gallon or a million, so as consumption drops, the fixed costs will be allocated across fewer gallons. (Some of those fixed costs are bond and stock dividends which sure ain't gonna decrease, you betcha.)

Carmen Cents | May 13, 2008 10:00 AM link

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