Pump prices stabilize over Memorial Day weekend

Drastic fuel price increases over the past month stabilized last week both nationally and locally.

Even though gas prices are setting new records daily, a dip in demand led to a modest 3-cent increase nationwide to reach $4.62 per gallon, according to Tuesday’s AAA weekly report. Meanwhile, the cost in the Gainesville area went from $4.52 to $4.56

AAA reported the respite could be brief as crude oil moved above $115 a barrel, a price driven by the European Union’s (EU) ban on Russian oil exports, which is leading to further global supply constraints.

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Nationally, the gas demand may start to climb as drivers fuel up for the summer travel season, which began Memorial Day weekend. AAA forecasted that nearly 35 million travelers would hit the roads for the holiday—the highest number since 2019—despite record prices at the pump.

“So far, the pent-up urge to travel caused by the pandemic outweighs high pump prices for many consumers,” AAA’s Andrew Gross said in a statement. “But 67% of drivers recently surveyed told us they would change their driving habits if gas hit $4.50 a gallon. That number rises to 75% at $5 a gallon. If pump prices keep rising, will people alter their summer travel plans? That remains to be seen.”

According to the AAA report, the Energy Information Administration’s (EIA) recent data showed that total domestic gasoline stocks decreased by 500,000 barrels of oil (bbl) to 219.7 million bbl last week. Gasoline demand also dipped from 9 million barrels per day (b/d) to 8.8 million b/d, approximately 700,000 b/d lower than a year ago. 

The lessened gas demand helped minimize price increases prior to Memorial Day. However, gas demand may spike this week after drivers took to the roads for the holiday. 

AAA shows Florida ranks 24th in the nation for the highest average gas cost at $4.57 per gallon, yet another new state record over last week’s $4.53.

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

  • $4.45 at Sam’s Club, 4400 SW 33rd Place, Gainesville
  • $4.48 at Love’s Travel Stop, 5615 SE US 301, Hawthorne
  • $4.49 at Pilot, 17276 US 301, Waldo
  • $4.49 at Pure, 405 NE 1st, High Springs
  • $4.49 at Circle K, 16130 NW US Hwy 441, Gainesville
  • $4.49 at Chevron, 6815 W. Newberry Rd., Gainesville
  • $4.51 at Murphy Express, 6823 NW 13th St., Gainesville
  • $4.53 at Sunoco, 528 NW 8th Ave., Gainesville

Nationally, the average price is at $4.62 per gallon, up from $4.59 last week, $4.18 a month ago and $3.05 a year ago. 

Quick Stats 

The nation’s top 10 largest weekly increases: Wisconsin (+11 cents), Colorado (+11 cents), California (+10 cents), Utah (+10 cents), Oklahoma (+9 cents), Iowa (+9 cents), Minnesota (+9 cents), North Dakota (+8 cents) and Montana (+8 cents).

The nation’s top 10 most expensive markets: California ($6.16), Hawaii ($5.43), Nevada ($5.30), Washington ($5.23), Oregon ($5.21), Alaska ($5.21), Illinois ($5.00), Arizona ($4.95), New York ($4.92) and Washington, D.C. ($4.84).

AAA National Gas Price Comparison chart 2019-22 5-31-22
AAA National Gas Price Comparison chart 2019-22 5-31-22

 

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