(WOIO) - This week it is a 9.4 cent savings for Northeast Ohio motorists when they pull up to the pump for a gallon of self-serve, regular unleaded gasoline. The current price is $2.644 a gallon.
According to AAA's Fuel Gauge, crude prices showed little movement Monday on the NYMEX dropping 19 cents after opening at $75.39.
After averaging over $81 per barrel a week ago, oil futures slid all the way to $75 at the close last Friday, its lowest point in the last month. Crude's plummet is directly attributable to less than favorable economic news from the US and abroad, which prompted a steep drop in the stock market. As has been the case for most of this year, oil prices have had a strong correlation with the equities market.
The potential remains for a disruption in Gulf refining operations as a tropical depression is reported in the Gulf of Mexico. So far the system, which has a 60 percent chance of becoming a tropical cyclone over the next 48 hours, has had no impact on Gulf oil operations.
So far, the 2010 Atlantic hurricane season has been relatively mild with the formation of only three named storms (Alex, Bonnie and Colin). One factor that could help insulate price exposure from a weather incident is the steady, high levels of crude inventory. Pending any drastic or immediate shift in crude supplies, this will likely continue to temper any large price increases in the near future.
The national average retail price for a gallon of gasoline has not strayed outside the range of $2.70-$2.78 since mid-June, 62 straight days. Today's national retail price for a gallon of self-serve regular gasoline was $2.742.
This week's average prices: Northeast Ohio Average $2.644 Average price during the week of August 10, 2010 $2.738 Average price during the week of August 18, 2009 $2.541
The following is a list of the average price of unleaded self-serve gasoline in various areas:
$2.589 New Philadelphia