Gas demand increases while prices still drop

Gas pumps

A six-week gas price drop could potentially be coming to an end as nationwide fuel demand is back on the rise.

According to the AAA weekly report on Monday, cost per gallon of gas fell 14 cents in the Gainesville area from $4.16 last week to $4.02. Statewide, Florida prices went down from $4.08 to $3.92 as the national cost went down from $4.35 to $4.21.

The national average of $4.21 is 63 cents less than a month ago but still $1.04 more than last year.

“We know that most American drivers have made significant changes in their driving habits to cope with the high gas prices,” AAA spokesman Andrew Gross said in a statement. “But with gas below $4 a gallon at nearly half of the gas stations around the country, it’s possible that gas demand could rise.”

Get The Latest News

Don't miss our top stories every weekday in your inbox.

AAA’s new survey data finds that U.S. drivers are making significant changes to deal with high pump prices. Nearly two-thirds (64%) of adults modified their driving habits or lifestyle since March, with 23% making “major changes.” The survey revealed that the top three changes drivers have made to offset high gas prices include driving less, combining errands, and reducing shopping or dining out.

Florida continues to be the 16th least expensive state in the nation for a gallon of gas.

New Energy Information Administration (EIA) data shows gas demand increased from 8.52 million barrels per day (b/d) to 9.25 million b/d last week. The estimated rate is 80,000 b/d lower than last year, but it could slow pump price decreases if the trend holds, according to the AAA report. Additionally, the total domestic gasoline stocks decreased by 3.3 million barrels of oil (bbl) to 225.1 million bbl, signaling that higher demand reduced inventory last week.

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

  • $3.79 at Sam’s Club, 4400 SW 33rd Pl., Gainesville
  • $3.82 at Murphy Express, 6323 NW 13th St., Gainesville
  • $3.85  at Circle K, 16130 NW US Hwy 441, Gainesville
  • $3.85 at The Short Stop, 2610 NE 39th Ave., Gainesville
  • $3.86 at Pure, 405 NE 1st St., High Springs
  • $3.86 at Circle K, 15089 NW US Hwy 441, Alachua
  • $4.09 at Circle K, 4565 NW 13th St., Gainesville

The national all-time high of $5.01 per gallon average came on June 14. Florida’s highest average peaked at $4.89 on June 13, while Gainesville hit $4.91 on June 15. 

Quick Stats 

The nation’s top 10 largest weekly decreases: Colorado (−22 cents), Kansas (−22 cents), Ohio (−22 cents), Nebraska (−21 cents), Indiana (−21 cents), Michigan (−20 cents), Iowa (−20 cents), Illinois (−19 cents), Oklahoma (−19 cents) and Arizona (−19 cents).

The nation’s top 10 least expensive markets: Texas ($3.71), South Carolina ($3.73), Georgia ($3.76), Oklahoma ($3.77), Arkansas ($3.77), Mississippi ($3.77), Tennessee ($3.78), Alabama ($3.78), Louisiana ($3.82) and Kentucky ($3.83).

National Gas Price Comparison 2019-2022 chart 8-1-22
Courtesy AAA

Tags:none
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments