Gas price update

Average retail gasoline prices in Florida have fallen 3.5 cents per gallon in the past week, averaging $2.10/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 4.5 cents per gallon in the last week to $2.15/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 48.1 cents per gallon lower than the same day one year ago and are 16.0 cents per gallon lower than a month ago. The national average has decreased 15.7 cents per gallon during the last month and stands 56.6 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 25 in Florida have ranged widely over the last five years: $2.58/g in 2015, $3.46/g in 2014, $3.61/g in 2013, $3.42/g in 2012 and $3.69/g in 2011.

“As air temperatures across the country rise to sweltering levels, gas prices have continued to cool,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Not only are gas prices nationally at their lowest level of the summer, but they have continued to decline as the glut of oil and refined products has persisted. Almost every state saw a decline in gasoline prices versus last week, thanks to crude oil prices approaching their lowest level of the summer.”

“I foresee that excluding a major hurricane or other disruption, we are very likely to see many more states with average prices falling under $2 per gallon by Halloween. Truth be told, however, that really isn’t a far stretch considering two out of 5 stations nationally and 11 states are already there,” DeHaan added.