July 26, 2011 at 8:28 PM EST - Updated June 24 at 8:39 PM
Northeast Ohio motorists are contending with higher gas prices along with higher temperatures during the dog days of summer. Gas prices increased six cents per gallon this week and are currently averaging $3.655.
According to the Fuel Gauge, Monday began a third consecutive week of crude oil prices under the increasing influence of worldwide debt concerns. These concerns manifested as downward pressure on prices for much of the day, before crude prices recouped some of this decline to settle down 67 cents at $99.20 at the close of formal trading on the NYMEX.
Commodities markets have been indecisive as to what impact global debt concerns should have on prices. Concerns surrounding the stability of the Greek economy remain and have some analysts worried that economic weakness in Greece may spread to other economies in the eurozone.
Also adding uncertainty to the market is the continuing stalemate in Washington, D.C. surrounding efforts to raise the U.S. debt ceiling. Wall Street and D.C. insiders alike have, until recently, seemed confident that a deal in Washington would ultimately be reached to avert a downgrade of the U.S. credit rating and default on its debts. A weakening U.S. economy likely means a weaker U.S. dollar. At the same time, a weakening U.S. economy would be expected to simultaneously weaken both commodities and equities markets, as a weakened economy demands less oil which pressures prices lower.
The current national retail average price for a gallon of self-serve regular gasoline is $3.693. Today's average price is almost two cents higher than one week ago,12 cents higher than last month and 95 cents higher than last year.
This week's average prices: Northeast Ohio Average $ 3.655
Average price during the week of July 19, 2011 $ 3.597
Average price during the week of July 27, 2010 $ 2.734
The following is a list of the average price of unleaded self-serve gasoline in various areas: