Gas prices hold the line as supplies drop
Published: Monday, June 10, 2013 at 11:08 a.m.
Last Modified: Monday, June 10, 2013 at 11:08 a.m.
The retail price of gasoline remained stable last week, but experts on Monday said the downward trend may be ending as supplies are getting used at a higher rate.
Average prices for a gallon of regular gasoline
One week earlier: $3.623
One month earlier: $3.572
One year earlier: $3.542
One week earlier: $3.454
One month earlier: $3.473
One year earlier: $3.371
“Although the increase in oil demand hasn't caused gas prices to spike, it has stalled the downward trend seen during the past couple of weeks," said Jessica Brady, AAA spokeswoman, The Auto Club Group.
The Energy Information Administration reported that total U.S. oil consumption rose almost 3 percent in the first week of June to 18.8 million barrels a day. The nation's supplies also dropped as a result. After America's oil stockpiles rose by 3 million barrels during the last week of May, they fell twice that amount since the start of June.
The cost for a barrel of oil closed last Friday at $96.03 on the New York Mercantile Exchange — $4.06 more than the week prior.
The national average price of regular unleaded gasoline is $3.63, 1 cent more than last week. Florida's average of $3.46 remains about the same as last week.
In Gainesville, prices averaged $3.54 a gallon on Monday, down two cents from last week. The high was $3.69 and the low was $3.45, according to the website www.GasBuddy.com.
In Ocala, the average price was $3.46, according to www.GasBuddy.com.