Gas price update

Average retail gasoline prices in Florida have fallen 3.1 cents per gallon in the past week, averaging $2.34/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 3.2 cents per gallon in the last week to $2.30/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 47.9 cents per gallon higher than the same day one year ago and are 2.7 cents per gallon higher than a month ago. The national average has increased 1.9 cents per gallon during the last month and stands 46.6 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on January 23 in Florida have ranged widely over the last five years: $1.86/g in 2016, $2.08/g in 2015, $3.34/g in 2014, $3.41/g in 2013 and $3.48/g in 2012.

“Last week ended with President Trump’s Inauguration and we saw the benchmark WTI crude close up more than $1 per barrel from the previous day… Coincidence?” asks Gregg Laskoski, senior petroleum analyst for GasBuddy.

One of the first announcements made by the new Administration was its ‘America First Energy Plan’ which states that “Producing more energy is in America’s national security interest. It said: “President Trump is committed to achieving energy independence from the [Organization of Petroleum Exporting Countries] cartel and any nations hostile to our interests.  At the same time, we will work with our [Persian] Gulf allies to develop a positive energy relationship as part of our anti terrorism strategy.”

While it’s too soon to speculate what such a plan might mean in the long term for prices at the pump, for now we expect another week of nominal decreases in retail gas prices,” added Laskoski.  “Refineries are unloading winter-blend gasoline at ‘fire sale’ prices.”