After five weeks of rising gas prices, motorists in Northeast Ohio will find a 7.7 cent savings per gallon this week when they fill up at the pump. The average price for a gallon of regular self-serve gasoline is currently $2.693. Nationally, the average price dropped 2.1 cents to $2.795 a gallon.
According to AAA's Fuel Gauge, oil prices ended Monday up $2.17 to close at $82.17 per barrel on the New York Mercantile Exchange.
While there were many factors contributing to the jump in oil prices, much of price change can be attributed to two main influencers; optimism for US economic recovery and a weaker US dollar. While these broad factors are always important they will likely continue to play a primary role in the movement of prices this week and well into April.
During this abbreviated trading week - the markets are closed Friday in observance of Good Friday - a host of important data will be released which will shed light on the pace and strength of the US economic recovery. If the economy appears to be on a solid path to a sustained recovery, or at least showing signs of meaningful improvement, support for higher oil prices may emerge as a result of anticipated higher demand for oil and retail gasoline at some point soon. If economic indicators suggest the recovery is moving slowly or otherwise remains choppy, traders will likely assume significant improvements in oil and gasoline demand will be delayed.
This week's average prices: Northeast Ohio Average . . . . . . . . . . $2.693
Average price during the week of March 23, 2010 . . . . . . . . . . . . . . . $2.770
Average price during the week of March 31, 2009 . . . . . . . . . . . . . . $2.036
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.679 New Philadelphia
AAA East Central is a not-for-profit association with 80 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.6 million members.