Gas Drops to $1.99 in Cleveland Suburb

A gas station in a southeast Cleveland suburb has broken the $2 mark, and is now selling gas for $1.99 per gallon, Newsnet5 Cleveland reported Friday morning.

A representative of Center Heights Service at Warrensville Center and Gladstone roads, in Warrensville Heights, told newsnet5 that the price drop intended to generate business.

The average in Ohio is $2.499, according to ohiogasprices.com, with the national average at $2.608. Those rates vary widely in Ohio, however, with gas stations in some communities still charging nearly $2.80.

Gas prices have dropped precipitously in the past few months, a result mainly of a glut of crude oil on the world market. Part of this is a result of ramped-up petroleum development and production in the U.S., a result of fracking, and part is because of a slowdown in worldwide demand.

According to a CNN Money report from Dec. 3: “Increased production in North America, slower consumption because of sluggish economies in Europe and Asia, more fuel-efficient cars, and a stronger dollar are all combining to send crude oil down its lowest point in more than six years.”