Gainesville gas prices dropped 11 cents to $4.33 from last week, while the statewide average dipped to $4.25, according to Monday’s AAA report.
The steady decline is attributed to the cost of a barrel of oil dropping into the mid $90 range and lower domestic demand for gasoline at the pump. Two weeks ago, a barrel of oil sold for $110.
Prices at the pump decreased for the fourth straight week after the national average hit an all-time high of $5.01 per gallon on June 14. Florida’s highest average peaked at $4.89 on June 13, while Gainesville hit $4.91 on June 15.
“Global economic headwinds are pushing oil prices lower and less expensive oil leads to lower pump prices,” said AAA spokesperson Andrew Gross in the press release. “And here at home, people are fueling up less, despite this being the height of the traditional summer driving season. These two key factors are behind the recent drop in pump prices.”
Last year Florida’s average price was $3.02. Florida ranks 13th in the nation for the least-expensive average per gallon.
Nationally, the average dropped 15 cents to $4.52, which is 46 cents less than a month ago and $1.36 more than a year ago.
According to GasBuddy.com, the following locations have the best prices in Alachua County:
- $4.13 at Circle K, 4565 NW 13th St., Gainesville
- $4.15 at Murphy Express, 6323 NW 13th St., Gainesville
- $4.15 at Sam’s Club, 4400 SW 33rd Place, Gainesville
- $4.17 at The Short Stop, 2610 NE 39th Ave., Gainesville
- $4.21 at Wawa, 4322 SW Archer Rd., Gainesville
- $4.21 at Pure, 405 NE 1st, High Springs
The latest data from the Energy Information Administration (EIA) shows gas demand dropped from 9.41 million barrels per day (b/d) to 8.06 million b/d last week and total domestic gas stocks increased by 5.8 barrels of oil (bbl). The AAA report stated that if the supply/demand dynamics hold, price relief at the pump may continue to drop.
The nation’s top 10 largest weekly decreases: Washington, D.C. (−21 cents), Ohio (−20 cents), Texas (−19 cents), Arizona (−19 cents), California (−19 cents), Wisconsin (−19 cents), Oklahoma (−19 cents), Kentucky (−19 cents), Michigan (−18 cents) and Tennessee (−18 cents).
The nation’s top 10 least expensive markets: South Carolina ($4.02), Texas ($4.03), Georgia ($4.03), Mississippi ($4.04), Louisiana ($4.07), Alabama ($4.09), Tennessee ($4.10), Arkansas ($4.11), North Carolina ($4.17) and Kentucky ($4.18).