NEO gas prices increase a nickel

A gallon of self-serve, regular unleaded gasoline in Northeast Ohio is 5 cents higher this week.

Northeast Ohio’s current average price is $2.603. The national average price is $2.718, a penny lower than last week’s price. This week in 2009, Northeast Ohio hit their yearly high at $2.783 a gallon.

According to AAA’s Fuel Gauge, oil prices ended the day Monday down seven cents to $71.44. Oil prices fell last week after disappointing economic news that 411,000 temporary U.S Census workers were responsible for almost all of the job gains of the previous month. This news, combined with fresh lows for the euro, pushed oil prices down nore than 4 percent.

Further contributing to investor anxiety are increased fears about the European sovereign debt situation which has been compounded by recent confusion over Hungary’s financial status