Gas prices continue to fall

Gas prices continue to fall
Gas prices are expected to break $3.00 a gallon by Memorial Day.

Average retail gasoline prices in Cleveland have fallen 15.5 cents per gallon in the past week, averaging $2.09/g yesterday, according to GasBuddy's daily survey of 831 gas outlets in Cleveland.

This compares with the national average that has fallen 9.6 cents per gallon in the last week to $2.28/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Cleveland during the past week, prices yesterday were 128.7 cents per gallon lower than the same day one year ago and are 72.8 cents per gallon lower than a month ago. The national average has decreased 50.6 cents per gallon during the last month and stands 100.5 cents per gallon lower than this day one year ago.

"The dramatic decline at the pump continues to reap significant savings for the motoring public- over $525 million less spent every day versus this past summer, or $375 million less than the same time last year," said Patrick DeHaan, senior petroleum analyst with GasBuddy. "The slump in crude oil has wavered slightly and we're in the fourth quarter of the game. However, there is still a chance that crude prices resume their slump again, and carry the pump plunge into overtime," DeHaan said.

Gas prices have fallen $1.85/gal in Michigan since June 28, the largest drop in the nation. Following close behind: Kentucky, down $1.66/gal, Indiana, down $1.62/gal, Ohio, down $1.61/gal, and Illinois, down $1.60/gal over the same time frame. More statistics can be found at media.gasbuddy.com.

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