This is the second week in a row that gasoline prices have declined, following five weeks of increases.
By JAMES W. WADE III
CLEVELAND- Average retail gasoline prices in Cleveland have fallen 16.5 cents per gallon in the past week, averaging $3.46/g Sunday. This compares with the national average that has fallen 4.2 cents per gallon in the last week to $3.61/g, according to gasoline price website ClevelandGas-Prices.com
Including the change in gas prices in Cleveland during the past week, prices Sunday were 74.1 cents per gallon higher than the same day one year ago and are 10.2 cents per gallon lower than a month ago. The national average has increased 2.4 cents per gallon during the last month and stands 88.0 cents per gallon higher than this day one year ago.
"It took the end of summer for a drop in retail gasoline prices, but I'm sure motorists won't complain that we're finally seeing some drops in prices," said Patrick DeHaan, GasBuddy.com Senior Petroleum Analyst. "We've seen wholesale prices continue to be somewhat volatile, but I believe as we enter October we'll see markets slowly quiet down with retail gasoline prices falling to $3.35-$3.55 on average by Thanksgiving, with the exception being typical hotspots on the West Coast," DeHaan adds.
The national price for regular unleaded gasoline dropped remained 85.9 cents higher than it was a year ago, the department said.
This is the second week in a row that gasoline prices have declined, following five weeks of increases. Optimism that European leaders will come up with solutions to the region's debt crisis drove oil prices up on Monday.Oil prices, which account for about 65 percent of the cost of making gasoline, traded up $2.50 on the New York Mercantile Exchange to settle at $87.88 a barrel on Monday.While oil prices have begun to recover from their steep slide at the beginning of August, they remain well below levels around $100 a barrel hit last month.