It’s good news for travelers this week as the price of gas fell another 6 cents per gallon this past week, hitting its lowest point since February, and making that elusive sub-$3 mark look even more realistic.
Part of that continued decrease in price could come from what refineries have to do every year: switch from summer blend to winter blend fuel.
“Winter blend gas is cheaper to produce, because it does not require the additives necessary in summer blend,” said AAA spokesman Josh Carrasco, in a release. “Also, here in the U.S., we continue benefiting from historic domestic oil production. Both of these factors continue placing downward pressure on gas prices.”
But the price for a barrel of oil did go up this past week 14 cents, allowing it to close at $92.41. Part of that was caused by oil supply reductions from OPEC. At the same time, Libya shut down its largest oil field due to escalating tensions in the area there, AAA said, while Saudi Arabia announced its largest reduction in oil exports in 18 months.
OPEC, the group said, supplies about 40 percent of the world’s oil.
“Right now, domestic oil supply is outpacing demand,” Carrasco said, “Geopolitical tensions and supply cuts caused oil to increase this week, but looking ahead, it will be challenging for OPEC to cut production to the point that it has significant impact due to high crude production in the U.S.”
The price of gas in Florida was $3.29 a gallon, down 3 cents from last week, and 13 cents from the year before. It’s also a nickel cheaper than what it was a month ago.
Four gas stations in Land O’ Lakes reported gas at the area’s lowest rate of $3.17, according to GasBuddy. That includes a 7-Eleven, RaceTrac, Citgo and Marathon. The most expensive was reported at the Shell station on State Road 54 and State Road 56, where gas was selling for $3.29.
Sam’s Club continues to remain the cheapest in Wesley Chapel at $3.15, while the Shell station at Bruce B. Downs Boulevard near State Road 56 was the highest at $3.29.
In Lutz, gas prices ranged form $3.16 at two Citgo stations, to $3.39 at two Shell stations. Zephyrhills once again offered the cheapest gas in the area, with the Marathon station at Eiland Boulevard and Geiger Road offering gas at $3.13 per gallon, while the Cumberland Farms at State Road 54 and Morris Bridge Road was reported at $3.21.