NEO gas prices drop almost 5 cents

Northeast Ohio motorists will be paying 4.8 cents less this week for a gallon of self-serve regular gasoline. The current average price at the pump is $2.803.

According to AAA’s Fuel Gauge, oil prices rose Monday after a steep drop late last week and over the weekend. Oil ended the day up $1.72 to close at $76.83 per barrel on the New York Mercantile Exchange.

Late last week, oil prices followed the broader market averages to significant losses. The primary reason for the surge in volatility and downward movement in the markets was the lingering Greek and European debt crisis.