Falling oil prices coupled with the U.S. and its allies releasing oil reserves into the global market sent gas costs down for another week.
Florida saw the seventh-largest nationwide decrease in cost per gallon of gas this past week with a 9-cent drop to $4.07.
According to Monday’s AAA weekly report, since the U.S. and its allies agreed to significant oil reserve releases, coupled with the fear of resurgent COVID-19 infections in China leading to a potential economic slowdown in one of the world’s largest oil-consuming nations, the national average for a gallon of gas fell to $4.11.
“The average price for a gallon of gas has fallen below $4 in much of the country,” said Andrew Gross, AAA spokesperson, in the release. “And these lower prices may be a boon to drivers hitting the road more as warmer weather returns.”
In the Gainesville area, the average prices decreased from $4.19 to $4.11 since last week.
According to GasBuddy.com, the following locations have the best prices in Alachua County:
- $3.87 at Sam’s Club, 4400 SW 33rd Place, Gainesville
- $3.90 at Murphy Express, 6823 NW 13th St., Gainesville
- $3.97 at BP, 3845 NE 15th St., Gainesville
- $3.99 at Love’s Travel Stop, 5615 SE 301, Hawthorne
- $3.99 at Gate, 3001 NW 13th St., Gainesville
- $3.99 at Pilot, 17276 US 301, Waldo
- $3.99 at Shell, 6807 NE 301, Hawthorne
- $3.99 at Raceway, 15330 NW 301, Waldo
New Energy Information Administration (EIA) data shows total domestic gasoline stocks decreased by 2 million barrels of oil (bbl) to 236.8 million bbl last week. Gasoline demand increased slightly from 8.5 million barrels per day (b/d) to 8.56 million b/d. According to the AAA release, the pump prices will possibly continue downward if oil prices remain below $100 per barrel.
Monday’s national average for a gallon of gas is $4.11, which is seven cents less than a week ago, 22 cents less than a month ago, and $1.25 more than a year ago.
The nation’s top 10 largest weekly decreases: Washington, D.C. (−14 cents), Connecticut (−11 cents), Indiana (−10 cents), Ohio (−10 cents), South Carolina (−10 cents), Rhode Island (−10 cents), Georgia (−9 cents), Wisconsin (−9 cents), Florida (−9 cents) and Delaware (−9 cents).
The nation’s top 10 least expensive markets: Missouri ($3.67), Oklahoma ($3.67), Kansas ($3.67), Arkansas ($3.70), Texas ($3.71), Maryland ($3.74), South Carolina ($3.75), Georgia ($3.76), Wisconsin ($3.76) and Nebraska ($3.78).