Gas price update

Average retail gasoline prices in Florida have fallen 0.6 cents per gallon in the past week, averaging $2.24/g Saturday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 1.3 cents per gallon in the last week to $2.22/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 10.2 cents per gallon higher than the same day one year ago and are 9.9 cents per gallon higher than a month ago. The national average has increased 0.9 cents per gallon during the last month and stands 0.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on October 23 in Florida have ranged widely over the last five years: $2.13/g in 2015, $3.08/g in 2014, $3.30/g in 2013, $3.61/g in 2012 and $3.45/g in 2011.

“For the first week in the last 119 weeks (833 days), the national average price for a gallon of regular gasoline stands higher than it did a year ago. The trend that has delivered consistently lower gas prices is showing signs of fading away as consistent discussion from both OPEC and non-OPEC members appears to be aligned for a likely production cut at the OPEC meeting in late November,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.

“In terms of recent gas prices, it has been a bit of a mixed back in the U.S., with the exception of Utah, the largest 15 changes in gas price averages in the last week have been lower. The Midwest has been the primary beneficiary as both unplanned maintenance and planned maintenance begin to wrap up- which is likely to be soon mirrored across much of the rest of the country, but OPEC’s decision looms as a possible major impact to the market over the next month. If OPEC does follow through and cuts production, expect this winter’s gas prices to stay higher than last year. If OPEC doesn’t cut, gas prices would likely drop in many areas across the country. It’s very difficult to gauge given the agendas of various oil producing countries, but by and large don’t expect gas prices this winter to drop as low as last year, and certainly don’t expect next summer’s gas prices to be as low as this year,” DeHaan added.