Gas price update

Average retail gasoline prices in Florida have fallen 3.5 cents per gallon in the past week, averaging $2.06/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 2.0 cents per gallon in the last week to $2.13/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 45.1 cents per gallon lower than the same day one year ago and are 17.0 cents per gallon lower than a month ago. The national average has decreased 14.6 cents per gallon during the last month and stands 52.7 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 1 in Florida have ranged widely over the last five years: $2.51/g in 2015, $3.41/g in 2014, $3.57/g in 2013, $3.44/g in 2012 and $3.71/g in 2011.

“With July coming to a conclusion, the U.S. saw its average retail gas price fall 16 cents per gallon across the month, where the average price sits at $2.13 per gallon to start August.  As prices continue to fall in the heart of summer, motorists have been able to take advantage of the cheapest summer prices in over a decade.  Demand for gasoline continues to surge as low prices have spurred more road trips and have swayed consumer vehicle purchasing habits,” said Will Speer, senior petroleum analyst with GasBuddy.

“But despite high demand for gasoline, prices have continued to fall amidst an oversupply of gasoline across the country.  High gasoline inventories, which are up 11.8% from this time last year, will continue to be a thorn in the side of refiners and a boost for consumers as a seasonal downturn in gasoline demand is on the horizon after Labor Day,” he added.