NEO gas prices increase more than 4 cents

Northeast Ohio motorists will pay 4.5 cents more this week for a gallon of self-serve, regular unleaded gasoline at the pump. The current price is $2.738 a gallon.

According to AAA’s Fuel Gauge, last week, oil broke through what has been an extremely elusive barrier, closing at $80.77 on the NYMEX on Friday. Monday, crude prices maintained the $80 mark, going as high as $81.76 before closing at $81.48, an increase of 78-cents.

Crude prices have not been this high since this past May and it is far from certain if this price level can be maintained.

Recent economic news released on Friday continues to contribute to a feeling of unease in the strength of the US economic recovery and reinforce the school of thought that the recovery is shallow and the immediate economic forecast is less than robust.