August 23, 2011 at 10:01 PM EST - Updated June 25 at 5:30 AM
Motorists in Northeast Ohio will pay 2.1 cents less for a gallon of gas this week. The average price for a gallon of self-serve, regular unleaded gasoline is $3.550.
According to AAA's Fuel Gauge, crude oil prices traded up slightly Monday as a rising tide for the major stock indices lifted oil prices higher, even amid reports that conflict in Libya might be nearing an end. At the close of formal trading on the NYMEX, crude oil settled at $84.12 per barrel, up $1.86.
The major news yesterday was that Libyan rebels had taken Tripoli, that country's capital and leader Muammar Qaddafi's final stronghold. In February, clashes began between pro-democracy rebels and forces loyal to Qaddafi. Amid this fighting, Libyan crude production has been removed from the global market in what was a driving force in the run-up in crude prices seen earlier this year. Libya normally produces 1.6 million barrels per day of crude oil - two percent of global oil consumption. At this level, it is the world's 17th-largest crude producer. Eighty-five percent of Libya's crude oil is exported to Europe, while five percent is imported by the U.S. With North Atlantic Treaty Organization (NATO) air support, Libyan rebels had continued to move on Tripoli, culminating in today's taking of the capital. While this news is encouraging for global oil supply, there is not yet a clear timeline for when Libyan crude production may be back up and running.
The current national retail average price for a gallon of self-serve regular gasoline is $3.572. Today's average price is two cents cheaper than one week ago and 12 cents cheaper than one month ago, but remains 86 cents higher than one year ago. The steady decline in gas prices this month has continued over the last week.This week's average prices: Northeast Ohio Average $ 3.550
Average price during the week of August 16, 2011 $ 3.571
Average price during the week of August 24, 2010 $ 2.564The following is a list of the average price of unleaded self-serve gasoline in various areas: