Pump prices rising toward record highs

Following a slight dip three weeks ago, gas prices in Florida and nationwide are back on the rise.

According to a AAA weekly report released Monday, the high cost of crude oil and fear of global energy supply disruption over Russia’s invasion of Ukraine, coupled with concerns over the COVID-19 impact on China’s economy, has sent the cost of gas up 7 cents per gallon since April 25. 

“As long as the supply remains tight, it will be hard for crude oil prices to fall and consumers will in turn face higher prices at the pump,” AAA’s Andrew Gross said in a statement. “It now costs drivers in the U.S. about $23 more to fill up than a year ago.”

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In the Gainesville area, the average price increased from $4.07 on April 11 to $4.22 on Monday.

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

  • $3.99 at Love’s Travel Stop, 5615 SE US 301, Hawthorne
  • $4.08 at Raceway, 15330 NW US 301, Waldo 
  • $4.09 at Pilot, 17276 US 301, Waldo
  • $4.09 at The Short Stop, 2610 NE 39th Ave., Gainesville
  • $4.09 at Murphy Express, 6323 NW 13th St., Gainesville
  • $4.09 at Circle K, 16130 NW US Hwy 441, Gainesville

AAA shows Florida is ranked 20th in the nation for the highest average gas cost at $4.18 per gallon. That’s only slightly lower than the state’s record high of $4.35 on March 10.

According to the Energy Information Administration (EIA), total domestic gasoline stocks decreased by 1.6 million barrels of oil (bbl)  to 230.8 million bbl last week. Gasoline demand decreased from 8.87 million barrels per day (b/d) to 8.74 million b/d. Pump prices will likely face upward pressure as oil prices remain above $100 per barrel.

Monday’s national average for a gallon of gas is $4.19, which is a penny less than a month ago, but $1.29 more than a year ago.

Quick Stats 

The nation’s top 10 largest weekly increases: Delaware (+22 cents), Maryland (+21 cents), Ohio (+19 cents), Pennsylvania (+15 cents), Washington, D.C. (+14 cents), Connecticut (+13 cents), Vermont (+13 cents), Indiana (+12 cents), New Jersey (+12 cents) and North Carolina (+12 cents).

The nation’s top 10 least expensive markets: Georgia ($3.72), Missouri ($3.77), Kansas ($3.78), Arkansas ($3.79), Mississippi ($3.80), Oklahoma ($3.80), Kentucky ($3.82), South Carolina ($3.85), Alabama ($3.85) and Texas ($3.86).

National Gas Price Comparison 2019-22 chart 5-2-22

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