Gas prices drop almost a quarter - Cleveland 19 News Cleveland, OH

Gas prices drop almost a quarter

Gas prices on the decline. (Source: WOIO) Gas prices on the decline. (Source: WOIO)

Average retail gasoline prices in Cleveland have fallen 17.8 cents per gallon in the past week, averaging $2.28/g yesterday, according to GasBuddy's daily survey of 831 gas outlets in Cleveland. This compares with the national average that has fallen 10.8 cents per gallon in the last week to $2.42/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Cleveland during the past week, prices yesterday were 94.5 cents per gallon lower than the same day one year ago and are 54.7 cents per gallon lower than a month ago. The national average has decreased 41.1 cents per gallon during the last month and stands 80.4 cents per gallon lower than this day one year ago.

“As Americans take to the road for Christmas travel, they've all been given a gift that keeps on giving: falling gas prices,” said Patrick DeHaan, senior petroleum analyst with GasBuddy. “Americans are saving over $13 million dollars an hour versus gas prices a year ago- adding up to over $315 million every day. Big declines were witnessed in Montana, Michigan, Indiana, Idaho, and Ohio, where average prices fell over 20 cents on average just in the last seven days but everyone has been a winner."

"Just in the last 24 hours, the national average has declined nearly 7c/gallon, one of the largest single day decreases ever. However, I'm worried the decline may soon begin slowing- oil prices have held in the mid-$50s, and the concrete may be setting in. If it does, and oil prices fail to drop below $50/bbl, gas prices likely won't drop more than another 10-20 cents per gallon. Either way, a sneak peak at our soon to be released 2015 gas price forecast reveals a yearly national average far lower than what we saw this year," DeHaan said.

Copyright 2014 WOIO. All rights reserved.

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