Gas price update

Average retail gasoline prices in Florida have fallen 2.9 cents per gallon in the past week, averaging $2.19/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 3.4 cents per gallon in the last week to $2.23/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 46.6 cents per gallon lower than the same day one year ago and are 14.4 cents per gallon lower than a month ago. The national average has decreased 15.7 cents per gallon during the last month and stands 53.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 11 in Florida have ranged widely over the last five years: $2.65/g in 2015, $3.56/g in 2014, $3.48/g in 2013, $3.27/g in 2012 and $3.61/g in 2011.

“Even an uptick in demand for gasoline during the Fourth of July weekend couldn’t slow falling retail gasoline prices.  The average retail gasoline price for the United States has dropped for 26 consecutive days, where it now sits at $2.23 per gallon.  This translates to a 16 cent drop in gas prices since the streak started.  These falling gas prices have been supported by the price of West Texas Intermediate crude losing 7.3% of its value in one week’s time,” said Will Speer, senior petroleum analyst for GasBuddy.

“As the European Union stability weighs on investor’s minds, states like Ohio and Michigan have been able to take advantage of lower crude prices and improved refinery utilization in the region by posting a nation-leading 10 cent per gallon average decline in gas prices in one week,” he added.