Last modified: Tuesday, December 30, 2008 2:15 AM EST Super Petroleum on Pleasant Street in Attleboro was selling gas for $1.51 on Monday. (Staff photo by Martin Gavin) Gasoline prices down again BY STEPHEN PETERSON SUN CHRONICLE STAFF Gasoline prices in Massachusetts have dipped for the 15th consecutive week, bringing them to five-year lows. AAA Southern New England's weekly survey Monday found the cost of a gallon of regular, self-serve had fallen by 3 cents from last week, to $1.62, which is $1.41 less than $3.03 a year ago. The last time prices were this low was in January of 2004. Last week, prices fell just 1 cent from the week before - well below the average drop in the 15-week streak that began Sept. 22 when gas was going for $3.55. Prices hit a record $4.08 July 7. The picture is similar in neighboring Rhode Island, with prices falling an average of 4 cents from last week, to $1.64 - also the lowest in about five years. The average for a gallon of regular gasoline across the country is $1.61, down 4 cents. Tumbling crude oil prices have led to sharp decreases in the cost of gasoline, but this week could mark the end of that run as the cost for oil is on the upswing. Prices rose above $40 a barrel Monday as Israel and Palestinian militants exchanged rocket fire and the death toll mounted in the oil-rich region. Light, sweet crude for February delivery rose $2.31 cents to settle at $40.02 a barrel on the New York Mercantile Exchange. It marked the first time in a week costs ended the day above $40 after hitting a four-year low. Experts doubt the fighting will seriously impact oil prices, but China plans to boost its oil reserves to take advantage of low prices in anticipation of costs eventually rising and expected future supply problems. The 13-member Organization of Petroleum Exporting Countries, which accounts for about 40 percent of global oil supply, has announced production cuts totaling more than 4 million barrels per day as it tries to stop the decline in prices. OPEC members have a history of ignoring announced quotas, as they did earlier this fall, but spring could see prices begin to climb, other analysts say. Oil prices have fallen 73 percent since peaking at $147.27 a barrel on July 11 as the souring economy in the U.S. and world has sparked a steep drop-off in consumer demand. The range in prices in Massachusetts for regular gasoline is 44 cents, from a low of $1.45 to a high of $1.89. Midgrade is averaging $1.77, ranging from $1.55 to $2.19. Premium is running $1.90, from $1.65 to $2.39. Diesel fell 1 cent last week to $2.67. Find the most up-to-date local gas prices with the AAA Fuel Finder by logging onto AAA.com and clicking on Gas Saving Tips