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Gasoline prices skyrocket



Gasoline prices continute to rise with regular going for $2.65 a gallon on Monday at this Gulf Express on Route 1 in North Attleboro.




Gasoline prices are up for the third straight week, inching up 3 cents from last week and climbing 20 cents over that span, according to AAA Southern New England.

AAA's weekly survey Monday found self-serve, regular in Massachusetts averaging $2.63 per gallon.

The cost surged by a whopping 11 cents last week from the week before - the largest hike since May. Two weeks ago, prices leaped 6 cents following six weeks of decreases.

The current price is 6 cents below the national average. A year ago at this time, the Massachusetts average price was $2.45 as plummeting prices last fall offered one of the few breaks for consumers in the dismal economy. Prices free fell from $3.55 a gallon the end of September 2008 to $2.45 this time last year, bottoming out at $1.62 the turn of the year.

In Rhode Island, gasoline prices are also up 3 cents and for the third week, averaging $2.70 a gallon, AAA said. The state has higher gas taxes than Massachusetts.
Oil prices for December delivery rose $1.13 to settle at $78.13 a barrel Monday on the New York Mercantile Exchange.

A continued falling U.S. dollar and not supply and demand has helped push oil and gasoline prices higher the past several weeks, analysts said. Dollar-based oil and other commodities can look like a bargain for investors holding stronger currencies, they added.

Adding to the increase Monday were reports U.S. manufacturing activity in October grew at the fastest pace in more than three years, helped by government spending. Also, the Commerce Department reported September showed the largest jump in housing construction in more than six years.

The reports raised hopes energy demand, which has been hampered by the recession, may be rebounding.

The range in prices in the latest AAA survey for regular gasoline in Massachusetts is 45 cents, from a low of $2.45 to a high of $2.90. The average for midgrade is $2.75, from $2.55 and $3, and premium is averaging $2.85, from $2.63 to $3.19. Diesel is averaging $2.83. 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


 


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citywatch wrote on Nov 3, 2009 7:44 PM:

" This is where Obama and DuVall should be putting their efforts, The less these companies can milk us, the higher they just raise the prices, Now heating oil and Gas will be at a high at a time when homeowner especially the elderly will have to make a choice to either limit travel or stay warm!!!! "