According to Thursday’s AAA weekly release, OPEC announced on Sunday that it will cut production by over a million barrels per day beginning in May through the end of the year
Following the announcement, crude oil prices surged above $80 a barrel. Meanwhile in the U.S., the national average price per gallon of regular gas increased seven cents since last to $3.55.
“The oil market has had a few days to digest the OPEC news and speculate about the reason. This has led to the price of oil stabilizing for now,” said Andrew Gross, AAA spokesperson, in the press release. “But the cost of oil accounts for more than 50% of what we pay at the pump, so drivers may not catch a break at the pump any time soon.”
New Energy Information Administration (EIA) data shows gas demand increased slightly from 9.15 to 9.3 million barrels per day (b/d) last week. Domestic gasoline stocks decreased substantially by 4.1 million barrels of crude oil (bbl) to 222.6 million bbl.
Thursday’s national average of $3.55 is 15 cents more than a month, but 61 cents less than last year at this time.
In Gainesville, the average price per gallon remained at $3.45. Last month, the price was at $3.26 and last year the average cost per gallon was $4.15.
Florida has the 18th most expensive average in the U.S. at $3.47 per gallon. A month ago, the average cost was $3.21 and last year it was $4.13.
According to gasbuddy.com, here are the lowest prices to fill up in Alachua County:
- $3.29 at Shell, 6807 NE US-301, Hawthorne
- $3.33 at Murphy Express, 6323 NW 23rd St., Gainesville
- $3.33 at Wawa, 2305 NW 13th St., Gainesville
- $3.33 at Circle K, 4565 NW 13th St., Gainesville
- $3.34 at Gate, 506 NW 13th St., Gainesville
- $3.34 at Gate, 3001 NW 13th St., Gainesville
- $3.34 at Circle K, 3838 N. Main St., Gainesville
- $3.35 at Marathon, 3936 W. Newberry Rd., Gainesville
Since last Thursday, these 10 states have seen the largest increases in their averages: Ohio (+25 cents), Delaware (+16 cents), Maryland (+14 cents), Georgia (+12 cents), Oklahoma (+11 cents), Illinois (+11 cents), South Carolina (+10 cents), Wisconsin (+10 cents), Minnesota (+10 cents) and Washington, D.C. (+10 cents).
The nation’s top 10 most expensive markets: California ($4.85), Hawaii ($4.79), Washington ($4.34), Arizona ($4.34), Nevada ($4.22), Oregon ($3.95), Illinois ($3.92), Alaska ($3.83), Utah ($3.68) and Washington, D.C. ($3.66).