More than 11-cent increase in NEO gas prices

This week, it will cost Northeast Ohio’s motorists 11.2 cents more per gallon to fill up at the pump.

The average price for a gallon of self-serve, regular unleaded gasoline is currently $2.713.

According to AAA’s Fuel Gauge, crude oil prices finished Monday at $81.47 at the conclusion of formal trading. Today, the national average price for a gallon of self-serve regular gasoline is $2.732, up 4.1 cents from last week.

Over last week, oil prices built sustained momentum increasing over $5 per barrel.

Many analysts are pointing to last week’s Department of Energy report noting a 4.6 million barrel reduction in crude inventories, something that has not been seen for most of 2010, as the possible motivator for the small surge in prices. It will be worth watching to see if these price levels can hold.