Gas price update

Average retail gasoline prices in Florida have risen 2.4 cents per gallon in the past week, averaging $2.21/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 2.9 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 17.8 cents per gallon higher than the same day one year ago and are 5.9 cents per gallon higher than a month ago. The national average has increased 4.7 cents per gallon during the last month and stands 20.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on December 12 in Florida have ranged widely over the last five years: $2.03/g in 2015, $2.63/g in 2014, $3.39/g in 2013, $3.30/g in 2012 and $3.29/g in 2011.

“Retail gasoline prices across the country appear to have hit a plateau and that’s not surprising given the mix of potentially upward and downward forces working simultaneously on crude oil prices,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“On one hand we have the news that OPEC issued over the weekend; that a group of non-OPEC oil producers led by Russia have agreed to collectively cut 2017 production by 600,000 barrels…” said Laskoski.

“But on the other hand the promises for next year do little to change the robust global supply we have today. OPEC’s November output rose 370,000 bpd to 34.19 million bpd, a record high.  Reuters reported that Russian oil production for November also set a new record. Nobody’s saying anyone will cheat on the agreement but old habits are hard to break,” he noted.