Gas price update

Average retail gasoline prices in Florida have fallen 2.7 cents per gallon in the past week, averaging $2.37/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 2.5 cents per gallon in the last week to $2.34/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 44.4 cents per gallon higher than the same day one year ago and are 5.5 cents per gallon higher than a month ago. The national average has increased 10.3 cents per gallon during the last month and stands 43.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on January 16 in Florida have ranged widely over the last five years: $1.92/g in 2016, $2.15/g in 2015, $3.37/g in 2014, $3.43/g in 2013 and $3.45/g in 2012.

“For the first time since November, the national average price for gasoline has fallen over the last week, helped by weak demand and rising gasoline inventories,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “This downward trend is evident in over two-thirds of states but may take additional time to materialize in others, yet is a familiar pattern for late winter as refiners build inventories prior to the late-February start of refinery maintenance season and thanks to the year’s weakest demand occurring over the next four weeks. However, motorists shouldn’t expect the trend to last long. After the sweetness of Valentine’s Day roses and chocolates is gone, they will be in store for a jump at the pump as maintenance season begins and the long transition to summer gasoline becomes a pinch point, leading to gas prices that will mostly trend higher for two to three months.”