TAMPA, Fla. — After U.S. gas prices skyrocketed to the highest they've been since 2014, drivers are finally seeing a little relief at the pump.
Tampa gas prices have fallen 19.8 cents per gallon in the last week, averaging $4.14 per gallon on Monday, according to gas-tracking service GasBuddy.
For now, this slight decline may be good news for your wallet, but prices are still 66.9 cents per gallon higher than they were just a month ago and $1.26 per gallon higher than this time last year.
“GasBuddy, last week, predicted that a top was in for the national average price of gasoline, and indeed, for the first time in 12 weeks, the national average price of gasoline has declined. While the decline is still subject to changes in global supply and demand, Covid and Russia's war on Ukraine, we are poised to see additional downdrafts at the pump this week in most areas," Patrick De Haan, head of petroleum analysis at GasBuddy, wrote in a release.
Experts say prices could still change with the global supply and demand.
"The oil market remains extremely volatile, after seeing big swings in both directions during the past few weeks," AAA spokesperson Mark Jenkins said in a release. "Last weekend, oil prices dropped on demand concerns regarding a COVID outbreak in China, which resulted in lockdowns. By the end of the week, oil prices charged higher again as global crude supply concerns - regarding the fallout from the Russia-Ukraine conflict - moved back to the forefront."
"Fortunately, oil prices are well below the high we saw more than a week ago. This should enable gas prices to slip lower this week, unless oil suddenly spikes again."
AAA found that Tampa's gas prices were slightly lower than the state's average on Sunday, which came in at $4.18 per gallon.
With prices still sitting higher than we're used to, there are a few things you can do to save money.
AAA offers these fuel-saving tips:
- Maintain your car to optimize fuel economy. If all the parts are in good, working condition, you can save gas.
- Combine errands to limit driving time. Knock out as many as you can at fewer locations.
- Shop around for the best gas prices in your community. Consider downloading the GasBuddy app for real-time prices.
- Consider paying in cash. Some stations charge extra per gallon when a credit card is used.
- Remove excess weight in your car.
- Drive conservatively. Aggressive acceleration and speeding reduce your car's overall fuel economy.
- Consider savings programs. AAA members can save 5 cents per gallon when filling up at Shell gas stations.
Other savings programs include Pay with GasBuddy, Circle K Easy Pay, GetUpside and other offers at gas stations.