Gas price update

Average retail gasoline prices in Florida have fallen 4.2 cents per gallon in the past week, averaging $2.14/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.20/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in  during the past week, prices yesterday were 48.3 cents per gallon lower than the same day one year ago and are 15.6 cents per gallon lower than a month ago. The national average has decreased 13.8 cents per gallon during the last month and stands 55.7 cents per gallon lower than this day one year ago.

 

“Summer travel is up, and yet, gas prices continue to decline? We know that seems perplexing for many, but that’s exactly what’s happening and it all comes down to those most basic fundamentals; supply & demand,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.com.

“Despite fuel consumption near record levels, U.S. gasoline inventory recently reached the highest July level ever recorded (240.1 million bbl) and, concurrently, the national average has continued its consistent decline,” he added.