NEO gas prices drop more than a nickel

Northeast Ohio motorists will be saving an additional 5.3 cents per gallon this week on self-serve regular gasoline at the pump. The current average price is $2.553. The national average price is $2.727.

According to AAA’s Fuel Gauge, it was a volatile day for oil prices to open the abbreviated trading week as investors weighed conflicting information about which direction the global economic recovery was heading.

Oil ended today down $2.38 to close at $72.59 per barrel on the New York Mercantile Exchange.

Much of the pressure pushing prices lower came as a result of disappointing economic data out of China.

Initial reports suggest China, the world’s second-largest energy-consuming nation behind the U.S., had a disappointing month in terms of manufacturing activity. Considering the size and oil needs of the Chinese economy, any news suggesting less-than-solid growth in manufacturing in China is likely to pressure prices lower.