NEO gas prices increase more than 7 cents

When Northeast Ohio motorists make their plans to celebrate the extended Labor Day weekend, they need to add a little more to their fuel-cost allowance.

Prices have increased 7.4 cents to $3.624 per gallon of regular unleaded gasoline. The average price for gas a year ago at this time was $2.592.

According to AAA’s Fuel Gauge, after yet another news-filled week for oil markets, prices moved slightly higher Monday. Markets responded to positive signs for the global economy, which permeated what has been a recent sense of economic gloom. At the close of formal trading on the NYMEX, crude oil settled at $87.27 per barrel, up $1.90 on the day and $3.15 on the week.

Historically, August is the slowest news month of the year for crude oil and gasoline markets. This year, August has seen tremendous stock market volatility, a historic downgrade of U.S. debt, the imminent fall of Libyan leader Muammar Qaddafi, not to mention an East Coast earthquake.

The ultimate impact of the storm saw severe flooding in parts of the Northeast and a trail of damage up the East Coast, but refineries appeared to have escaped relatively unscathed. While Hurricane Irene has passed, it’s worth remembering that “hurricane season” continues for another three months.

AAA East Central is a not-for-profit association with 80 local offices in Pennsylvania, West Virginia, Ohio, New York and Kentucky servicing 2.6 million members.