Gas price update

Average retail gasoline prices in Florida have fallen 1.2 cents per gallon in the past week, averaging $2.13/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 0.7 cents per gallon in the last week to $2.20/g, according to gasoline price website

Including the change in gas prices in Florida during the past week, prices yesterday were  unchanged compared to the same day one year ago and are 8.8 cents per gallon lower than a month ago. The national average has decreased 1 cent per gallon during the last month and stands 8.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on September 26 in Florida have ranged widely over the last five years: $2.13/g in 2015, $3.27/g in 2014, $3.35/g in 2013, $3.73/g in 2012 and $3.45/g in 2011.

Overall, gas prices across the U.S. begin the week moving lower in 40 of 50 states.

“It’s been almost a week since service has been restored to Colonial Pipeline’s Line #1, a major gasoline source for the southeast and Atlantic seaboard…” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “While it appears that retail gas prices have peaked in 4 of the 6 states hit hardest (AL, GA, NC, SC, TN, VA) by the pipeline damage & shutdown, and those averages are now ebbing lower, statewide averages continue to climb in two states: Tennessee ($2.16/gal) and Virginia ($2.10/gal). Those states’ averages were at $2.14 and $2.08 respectively on Sept. 20th, the day before service was restored.

“While it appears that the worst may be behind us, we’re not out of the woods yet, where gasoline inventory levels are concerned,” he added. “The overall drop in gasoline inventory tied to Colonial Pipeline was approximately 8.5 million barrels. To put that in perspective, in the two weeks following Hurricane Katrina, east coast gasoline inventories shed 3.3 million barrels.”