Gainesville area gas prices jumped 10 cents and statewide the cost increased 12 cents over last week.
According to AAA’s Thursday press release, while national averages remained the same at $3.46 per gallon amid recent economic turmoil, global oil prices plummeted to the low to mid $60 per barrel. It’s the lowest price per barrel since August 2021.
“Given that the cost of oil accounts for 55% of what we pay for gas, it’s fair to wonder how soon prices will drop at the pump,” said Andrew Gross, AAA spokesperson, in the press release, “But gas stations paid for that fuel in their underground tanks weeks ago, when oil was nearly $15 more a barrel. So it will take time for any savings due to cheaper oil to be seen at the pump. And that is assuming the oil price does not rise again.”
Recent Energy Information Administration (EIA) data showed gas demand increasing slightly from 8.56 million barrels per day (b/d) to 8.59 million b/d last week. Lower oil prices have countered an increasing demand and, if crude oil prices keep falling, pump prices should decline.
Today’s national average of $3.46 is the same as last week, but four cents more than a month ago at $3.42. Last year, the national average was at $4.30.
In Gainesville, the average price per gallon increased to $3.44 from last week’s $3.32. A month ago, the price was at $3.34 and last year the average cost per gallon was $4.31.
Florida has the 16th most expensive average in the U.S. at $3.44 per gallon. A month ago, the average cost was $3.34 and last year it was $4.31.
According to gasbuddy.com, here are the lowest prices to fill up in Alachua County:
- $3.09 at Circle K, 15089 NW 441, Alachua
- $3.17 at Circle K, 16070 Martin Luther King Blvd., Alachua.
- $3.19 at Love’s Travel Stop, 5615 SE US 301, Hawthorne
- $3.19 at BP, 15295 NE US Highway 301, Waldo
- $3.19 at Circle K, 4565 NW 13th St., Gainesville
- $3.19 at Pilot, 17276 US 301, Waldo
Since last Thursday, these 10 states have seen the largest decreases in their averages: Colorado (−10 cents), Michigan (−7 cents), Ohio (−6 cents), Oklahoma (−6 cents), Wisconsin (−4 cents), California (−4 cents), Nevada (−4 cents), Idaho (−3 cents), Nebraska (−3 cents) and Oregon (−2 cents).
The nation’s top 10 least expensive markets: Mississippi ($3.00), Oklahoma ($3.02), Missouri ($3.04), Texas ($3.05), Arkansas ($3.06), Kansas ($3.07), Louisiana ($3.08), Alabama ($3.11), Tennessee ($3.13) and South Carolina ($3.15).