Economy
7:51 am
Tue August 7, 2012

Prices up slightly at the pump

PROVIDENCE, R – AAA of Southern New England is reporting that gasoline prices jumped up 6 cents this week. The average price for a gallon of self-serve regular will now cost $3-dollars-and-83-cents. That's seven cents above the national average. It's also about a quarter more than the average price of gas in Massachusetts.

AAA's Director of Public Affairs, David Raposa, says that while supplies are plentiful "Demand is high and as demand gets higher and you have the pressure from world markets on the price of oil then consumers do see an increase at the pump."

However, Raposa says that people need to put those numbers in perspective, as this week's average price is still well below last year's levels. "When we look at today's price of $3.68 It is helpful to point out that a year ago it was $3.82. So while prices are higher than they were for the last couple of weeks they're still running well below last year's levels."

Raposa says the prices of gas have been fairly stable this year. But he cautions that all could change as we approach hurricane season.

Do you have insight or expertise on this topic? Please email us, we'd like to hear from you. news@ripr.org