Business Digest

REGION

Gas prices rise

As Northeast Ohio motorists prepare to head to their Thanksgiving Day destinations, they will find gas prices at the pump have risen 8.9 cents a gallon.

The average price for a gallon of regular, unleaded gasoline is $2.604.

The national average price at the pump is $2.638 a gallon.

According to the AAA Fuel Gauge, oil prices ended Monday up eight cents, closing at $77.54 per barrel after having nearly reached $80 per barrel earlier in the day.

Two important news items related to oil and retail gasoline prices emerged late last week.

The Federal Highway Administration announced Friday that cumulative mileage driven by U.S. motorists in 2009 through September showed a small but noticeable increase of .3 percent when compared to the first nine months of 2008.

And the Environmental Protection Agency announced late Friday they anticipate the average fuel economy for vehicles driven in the U.S. will make a small increase in 2009 to 21.1 miles per gallon.

The average fuel economy in 2008 was 21 miles per gallon.

The agency noted that the average fuel economy has increased 9 percent, or 1.8 miles per gallon, over the past five years.

This week’s average price in Northeast Ohio was $2.604.

The average price during the week of Nov. 17 was $2.515, and the average price during the week of Nov. 25, 2008, was $1.713.