Gas price update

Average retail gasoline prices in Florida have risen 9.5 cents per gallon in the past week, averaging $2.31/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 3.1 cents per gallon in the last week to $2.24/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 29.3 cents per gallon higher than the same day one year ago and are 21.7 cents per gallon higher than a month ago. The national average has increased 10.2 cents per gallon during the last month and stands 24.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on December 19 in Florida have ranged widely over the last five years: $2.02/g in 2015, $2.50/g in 2014, $3.35/g in 2013, $3.24/g in 2012 and $3.25/g in 2011.

 

“With West Texas Intermediate crude oil holding over $50 per barrel for the last several weeks, gasoline prices have moved higher in a majority of the country,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Some 39 states saw average gasoline prices rise last week, and this week may see a similar fate at the pump as retail gasoline prices continue to play a game of catch up to the three week rally in oil prices.”

“Meanwhile, it was just a year ago when the national average gas price fell under $2 per gallon for the first time since 2009, a feat unlikely to be repeated anytime soon, thanks to November’s crude oil production cuts from OPEC, joined by production cuts from non-OPEC countries shortly thereafter. In fact, we’re on par to see the largest December increase in gasoline prices nationally since 2010 due to the uptick in oil prices. However, those looking for respite from rising gas prices will be happy to know that prices will likely fall, at least temporarily, starting in mid-January through Valentine’s Day as refiners begin discounting excess inventories of winter-grade fuel,” DeHaan added.