Gas prices shot up 19 cents statewide and 25 cents nationally over the past week and continue to break all-time records following moderate increases leading up to Memorial Day weekend.
According to the AAA weekly report released on Monday, with the cost of a barrel of oil nearing $120—nearly double from last August—coupled with global demand outpacing a tight supply and robust Memorial Day weekend travel, the national average skyrocketed the past week to $4.86 per gallon.
“People are still fueling up, despite these high prices,” said Andrew Gross, AAA spokesperson in the release. “At some point, drivers may change their daily driving habits or lifestyle due to these high prices, but we are not there yet.”
Prices remained stable during Memorial Day weekend with a modest 3-cent increase nationwide to $4.62 and 4 cents locally to $4.56 between May 23-31.
The latest Energy Information Administration (EIA) data indicates total domestic gasoline stocks decreased by 700,000 barrels of oil (bbl) to 219 million bbl last week. Meanwhile, gasoline demand grew from 8.8 barrels per day (b/d) to 8.98 million b/d with drivers fueling up for Memorial Day weekend travel. According to the AAA release, these supply and demand dynamics contributed to rising pump prices and, along with volatile crude oil prices, the pump prices will likely remain high.
AAA shows Florida ranks 26th in the nation for the highest average gas cost at $4.76 per gallon, up from $4.57 last Tuesday and $4.19 a month ago. Last year, the statewide average was $2.85.
In Gainesville, prices increased from $4.56 last week to $4.79.
According to GasBuddy.com, the following locations have the best prices in Alachua County:
- $4.65 at Circle K, 16130 NW US Hwy 441, Gainesville
- $4.65 at Circle K, 19531 NW US Hwy 441, High Springs
- $4.69 at The Short Stop, 2610 NE 39th Ave., Gainesville
- $4.69 at Raceway, 15330 NW US 301, Waldo
- $4.69 at Sunoco, 528 NW 8th Ave., Gainesville
Monday’s national average for a gallon of gas is $4.86, an increase of 59 cents over the past month, and $1.81 more than a year ago.
The nation’s top 10 largest weekly increases: Michigan (+45 cents), Illinois (+41 cents), Indiana (+41 cents), Wisconsin (+39 cents), Ohio (+38 cents), Nebraska (+37 cents), Kentucky (+36 cents), Colorado (+35 cents), Minnesota (+34 cents) and Texas (+32 cents).
The nation’s top 10 most expensive markets: California ($6.34), Nevada ($5.49), Hawaii ($5.47), Oregon ($5.41), Washington ($5.40), Illinois ($5.40), Alaska ($5.37), Washington, D.C. ($5.06) and Michigan ($5.05).