Gas prices continue to fall - Cleveland 19 News Cleveland, OH

Gas prices continue to fall

Gas prices decrease. (Source: WOIO) Gas prices decrease. (Source: WOIO)
(WOIO) - Average retail gasoline prices in Cleveland have fallen 12 cents per gallon in the past week, averaging $2.67/g Sunday, according to GasBuddy's daily survey of 831 gas outlets in Cleveland. This compares with the national average that has fallen 6.7 cents per gallon in the last week to $2.69/g, according to GasBuddy.com.

Including the change in gas prices in Cleveland during the past week, prices Sunday were 55.2 cents per gallon lower than the same day one year ago, and are 23.3 cents per gallon lower than a month ago. The national average has decreased 25.4 cents per gallon during the last month, and stands 57.2 cents per gallon lower than this day one year ago.

"The amount of green on my screen is astounding, but there's no Grinch here! We continue to see significant price drops in all 50 states, so large are the declines and so low the prices, that Americans are now saving over a quarter billion dollars daily, versus prices a year ago, or some 60 cents every gallon," said Patrick DeHaan, senior petroleum analyst with GasBuddy. "Sixteen states saw average gas prices drop double-digits per gallon over the last week and we saw $1.99 gas prices come back for the first time since 2010 in Texas and Oklahoma." 

A weak European economy, a strong American dollar combined with the U.S. producing significant amounts of energy in recent years are some of the reasons for the low fuel costs.

While many motorists are asking how long the decline and low prices will last, DeHaan noted, "don't worry, it's not over yet."

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