Gas price update

Average retail gasoline prices in Florida have fallen 2.8 cents per gallon in the past week, averaging $2.19/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 0.5 cents per gallon in the last week to $2.21/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 5.4 cents per gallon higher than the same day one year ago and are  unchanged versus a month ago. The national average has decreased 5.2 cents per gallon during the last month and stands 1.1 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on November 7 in Florida have ranged widely over the last five years: $2.13/g in 2015, $2.91/g in 2014, $3.20/g in 2013, $3.39/g in 2012 and $3.37/g in 2011.

“If there’s one thing to be excited about for November it’s that gas prices in the last five of them have not risen nationally. Better yet, over the same timeframe, gas prices nationally have averaged a modest twelve cent decline from start to finish. And while there may be more excitement as America heads to the polls this week, it’s important to dispel the myth: presidential elections do not affect gas prices,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com.

“Whomever is our next Commander-in-Chief, we could see a change to previous energy policy which could have a negligible impact on gasoline prices, but more focus will be on OPEC’s coming decision to follow through on cutting oil output. Skepticism that OPEC won’t agree to a cut in production continues to prevail, with West Texas Intermediate crude oil closing last week at $44.07 per barrel, the lowest since September 20,” DeHaan added.