Gas price update

Average retail gasoline prices in Florida have fallen 4.5 cents per gallon in the past week, averaging $2.14/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 4.9 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 4.1 cents per gallon lower than the same day one year ago and are 10.4 cents per gallon lower than a month ago. The national average has decreased 8.8 cents per gallon during the last month and stands 1.4 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on November 14 in Florida have ranged widely over the last five years: $2.18/g in 2015, $2.89/g in 2014, $3.17/g in 2013, $3.34/g in 2012 and $3.40/g in 2011.

“While it’s less than a week after the biggest upset in U.S. election history energy industry experts are already speculating on what steps a Trump Administration might enact first; whether the earliest initiatives might eliminate regulations or perhaps look to increase domestic oil and gas production,” said Gregg Laskoski, senior petroleum analyst for GasBuddy. “The Keystone XL Pipeline, for instance, is expected to find itself in a more favorable environment for approval but it remains debatable whether such a development would directly benefit U.S. consumers,” he noted.

“Over the next few weeks expect prices at the pump to move lower based on market fundamentals, not politics,” says Laskoski. “Inventories remain healthy and wholesale gasoline prices across the U.S. today, on average, are more than 10 cents per gallon lower than where they stood just a week ago.”