Northeast Ohio gas prices drop more than 2 cents
When Northeast Ohio holiday shoppers fill their tanks to head to their favorite mall, they will find gasoline prices have dropped 2.6 cents this week at the pump.
The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.822.
According to AAA’s Fuel Gauge, crude oil settled Monday at $81.74, down 34 cents from the opening of formal trading on the NYMEX.
As the AAA has seen throughout the year, the decline in crude prices last week had less to do with traditional supply-and-demand factors, and more to do with strength in the U.S. dollar and the broader economy.
As economic growth overseas slows or becomes less stable, the U.S. economy becomes more attractive for investors. This, in turn, strengthens the U.S. dollar making investors, including those holding foreign currencies, less likely to invest in commodities such as crude oil, the AAA said in a press release.