Gas prices holding steady in NEO

Motorists will find a half penny drop in Northeast Ohio’s gas prices this week when they pull up to the pump. The average price for a gallon of self-serve, regular unleaded gasoline is $3.649.

According to the AAA's East Central Fuel Gauge, after news late Sunday night of an 11th-hour agreement in Washington to raise the debt ceiling, crude prices traded higher Monday morning on optimism that the United States would not default on its debt obligations.

This enthusiasm was fleeting, however, as ongoing global debt concerns and poor economic data refocused the markets on what have been continuing bearish signs for the global economy.

This sentiment pressured oil prices lower on the day as crude oil settled down 81 cents per barrel at $94.89 at the close of formal trading on the NYMEX.

AAA East Central is a nonprofit association with 80 local offices in Pennsylvania, Ohio, West Virginia, New York and Kentucky serving 2.6 million members.