(WOIO) - Northeast Ohio's gas prices increased 6.5 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline rang in at $2.718 at the pump.
According to AAA's Fuel Gauge, oil prices surged Monday almost touching $79 per barrel before settling at $77.82. Overall, prices ended the day up 64 cents.
Prices increased with the news that China will relax the fixed rate of the yuan against the dollar. This move sparked optimism that China's domestic oil demand is on the rise.
Market fundamentals were also evident today as information regarding oil demand for May began to trickle out. Last week we reported an overall drop in U.S. crude inventories leading to some optimism that demand was on the rise.
After a tough week of grilling on Capitol Hill, British Petroleum continues its efforts to collect oil from the blown-out Deep Water Horizon disaster. The company said Monday It collected 23,290 barrels (978,180 gallons) of crude on Sunday. Unfortunately, this total is far short of the 35,000-60,000 barrels a day that government scientists estimate are gushing from the well. In the meantime, the Administration's six-month moratorium on deep water drilling is coming under fire. A federal judge is in New Orleans today considering whether to file an injunction against the moratorium as companies have filed suit against Interior Secretary Ken Salazar arguing that the government has no proof that any threat is posed by the exploration wells, and that thousands of jobs and millions of dollars are threatened by this action. A decision is expected by Wednesday.
As we head towards the July 4th holiday, retail prices at the pump have started to creep up. The national average retail price for a gallon of self-serve unleaded regular is $2.732, up 3.6 cents from last week.
This week's average prices: Northeast Ohio Average . . . . . . . . . . $2.718
Average price during the week of June 15, 2010 . . . . . . . . . . . . . . . . $2.653
Average price during the week of June 23, 2009 . . . . . . . . . . . . . . $2.639
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.764 New Philadelphia