NEO gas prices dip more than 7 cents

Gas prices in Northeast Ohio decreased 7.4 cents this week. The average price for a gallon of self-serve, regular unleaded gasoline is $3.064.

According to AAA’s Fuel Gauge, crude oil prices were down 77 cents on Monday, settling at $84.81 at the close of formal trading on the NYMEX. This marks a $2.67 retreat in prices from last week.

Much of the world’s attention has remained focused on Egypt. While Egypt isn’t one of the world’s largest oil producers, it is a key point of transit for global oil supply as home to both the Suez Canal and the Suez-Mediterranean pipeline.

Any disruption to these channels would likely spell higher oil prices. There is also a chance that this unrest might spread to Egypt’s oil-rich neighbors.

Despite another week of bearish fundamental data for gasoline, including stocks hitting a 20-year high, the price at the pump has done little more than slow its steady climb of the last several months. As of today, the current national retail average price for a gallon of self-serve regular gasoline is $3.124. This is down fractions of a cent from Monday, but up almost a penny from week ago, up 2.4 cents from a month ago, and 51.4 cents from a year ago.