NEO gas prices drop more than 11 cents

Northeast Ohio’s average price for a gallon of self-serve, regular unleaded gasoline is $2.692 at the pump. This is an 11.4 decrease from a week ago.

According to AAA’s Fuel Gauge, crude prices jumped $1.17 Monday to finish at $74.83 at settlement time on the NYMEX. Last week, the continued closure of a major pipeline disrupted the flow of Canadian crude oil to refiners in the Midwest market.

The Enbridge pipeline, which carries up to 670,000 barrels of oil per day to Midwest refiners, was initially shut down due to a leak on September 9th. Fear of a prolonged supply disruption resulted in oil futures soaring over $77 per barrel early last week.