Prices at the pump decreased 3.4 cents in Northeast Ohio this week. The cost for a gallon of regular, unleaded gasoline is $2.350. The national average retail price for a gallon of self serve regular is $2.461.
According to the AAA Fuel Gauge, oil prices overcame early losses, helped by a strong day on the markets and a weaker dollar, to close up 45 cents at $70.40 per barrel Monday on the New York Mercantile Exchange.
Most economic signals point to a slow, gradual recovery in the job market that may not begin until the middle of 2010. Jobs data and other leading economic indicators are vital to the direction of oil and retail gasoline prices. The greater volume of economic activity taking place globally and domestically, the greater the consumption of petroleum-based products like diesel fuel and gasoline for transportation and manufacturing. As more oil is consumed, and economic indicators suggest more oil will be consumed in the future, demand for the product increases as does the market price. Last week, the markets were given little substantive data to suggest demand will increase in any meaningful way in the short-term.
Oil prices have remained in a $65-$75 price range for ten consecutive weeks now, a rare occurrence for a commodity often marked by price volatility. Considering market prices began the year in the low $30 range after a free fall from highs near $150 per barrel in 2008, the relative stability of prices is indeed noteworthy. In other words, through the bulk of the Hurricane Season and amidst geopolitical events and ongoing international economic upheaval, market prices have consistently stayed within a $10 range for 10 weeks in a row. The stability of market oil prices has meant retail gasoline prices have been comparatively calm over the past two and a half months as well.
This week's average prices: Northeast Ohio Average . . . . . . . . . . $2.350
Average price during the week of September 29 2009 . . . . . . . . . . $2.384
Average price during the week of October 7, 2008 . . . . . . . . . . . . . . $3.308
The following is a list of the average price of unleaded self-serve gasoline in various areas:
AAA East Central is a not-for-profit association with 80 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.5 million members.
AAA East Central, 5900 Baum Blvd, Pittsburgh, PA 15206 United States