Gas, crude oil prices drop slightly

gas pump

One week after nationwide gas prices broke the $5 per gallon barrier for the first time, tumbling oil costs and fears of a global recession resulted in a slight drop.

According to Tuesday’s AAA report, the national average for a gallon of gas decreased by 5 cents and in Florida, the price dropped from $4.89 to $4.79. 

“The recent high prices may have led to a small drop in domestic gasoline demand as fewer drivers fueled up last week,” said Andrew Gross, AAA spokesperson in a statement. “This dip, coupled with less costly oil, has taken some steam out of surging pump prices. And this is happening right before drivers gas up for what AAA forecasts will be a busy July 4th travel weekend.”

New data from the Energy Information Administration (EIA) showed total domestic gasoline stocks fell by 700,000 million barrels of oil (bbl)  to 217.5 million bbl last week while gasoline demand declined slightly from 9.2 million barrels per day (b/d)  to 9.09 million b/d. 

The report stated the slight drop in gas demand helped limit pump price increases while the cost for a barrel of oil went from $122 to around $110, but crude oil prices remain volatile.

Today’s national average of $4.97 is 37 cents more than a month ago, and $1.89 more than a year ago.

In Florida, the statewide decreased to $4.79 per gallon. Last month, Florida’s price was at $4.49 and last year’s price was $2.93. Florida ranks 31st in the nation for highest average per gallon.

In Gainesville, prices went from $4.91 last week to $4.86. 

According to GasBuddy.com, the following locations have the best prices in Alachua County:

  • $4.69 at Pilot, 17276 US 301, Waldo
  • $4.69 at Circle K, 19531 NW US Hwy 441, High Springs
  • $4.71 at Murphy Express, 6323 NW 13th St., Gainesville
  • $4.74 at Gate, 3001 NW 13th St., Gainesville
  • $4.75 at Circle K, 16130 NW US Hwy 441, Gainesville
  • $4.76 at The Short Stop, 2610 NE 39th Ave., Gainesville
  • $4.77 at Sunoco, 18603 NW CR 236, High Springs
  • $4.78 at Shell, 6807 NE US 301, Hawthorne
  • $4.79 at Amoco, 1720 S. Main St., Gainesville

Quick Stats 

The nation’s top 10 largest weekly decreases: Indiana (−10 cents), Florida (−9 cents), Wisconsin (−9 cents), South Carolina (−8 cents), Ohio (−8 cents), Maryland (−8 cents), New Jersey (−8 cents), Michigan (−7 cents), Kentucky (−7 cents) and North Carolina (−6 cents).

The nation’s top 10 least expensive markets: Georgia ($4.46), Mississippi ($4.47), Arkansas ($4.50), Louisiana ($4.51), South Carolina ($4.52), Alabama ($4.57), Tennessee ($4.58), North Carolina ($4.60), Oklahoma ($4.62) and Texas ($4.63).

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