The average price of regular gasoline in Greater Cleveland this morning is $1.71 and racing toward $1.50 at some stations.
Gasoline prices are are falling every day. CLEVELAND -- Gasoline prices are racing into the basement this morning with average prices zipping south with surprising speed, hot on the trail of falling oil prices that some analysts say could drop to $20 a barrel, or even less.
The average Greater Cleveland price Monday morning is $1.71, down 14 cents in a week. The average Akron price is are averaging $1.67, down more than 17 cents, reports the Internet-based price watchdog GasBuddy.
The story is the same state-wide and throughout the Great Lakes region.
The average price in Ohio is $1.68.
Other Great Lakes state prices:
- Michigan, $1.72;
- Indiana, $1.67;
- Illinois, $1.85;
- Wisconsin, $1.78.
GasBuddy calculates the average national price at $1.89, down about 7.5 cents.
"The ... unprecedented plunge in the price of crude oil has continued, allowing gasoline prices in virtually the entire U.S. to continue plummeting," said Patrick DeHaan, GasBuddy senior petroleum analyst.
"From West Coast to East Coast, the decline has hit virtually everyone- and amazingly, we saw a gas price war yesterday in Houghton Lake, Michigan, where for a brief period of time GasBuddy confirmed stations selling at just 47 cents a gallon -- prices unheard of in this century.
"While the 99-cent per gallon barrier was breached there due to competition willing to lose money, the downward trend taking place across the country will continue, with the national average likely to fall into the $1.70's soon," he said.
The price of the best grades of U.S. oil Monday about $29 a barrel, down about 40 cents from Friday's low prices. European oil closed overnight at $28.86, after falling to $27.67
An expected surge in Iranian crude exports following the lifting of international economic sanctions is helping to push prices lower, say analysts.