Gas price update

Average retail gasoline prices in Florida have fallen 1.3 cents per gallon in the past week, averaging $2.26/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 1.3 cents per gallon in the last week to $2.29/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 36.2 cents per gallon higher than the same day one year ago and are 0.8 cents per gallon lower than a month ago. The national average has increased 1.5 cents per gallon during the last month and stands 36.1 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 13 in Florida have ranged widely over the last five years: $1.90/g in 2016, $2.45/g in 2015, $3.50/g in 2014, $3.75/g in 2013 and $3.79/g in 2012.

“A sudden plunge in the price of oil is likely to weigh on gas prices, at least temporarily,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “With little warning or expectation, crude oil last week broke out of the rut it had well established, with crude prices falling out of a 3-month range of $51-$54 per barrel to $49. Fundamentals of oil have weakened, and with last week’s large 8.2 million barrel rise in crude oil inventories, the market has turned decidedly bearish for now. Naturally, when oil prices take a beating such as they did last week, one might expect gasoline prices to move in lockstep, but due the complex relationship of oil and gasoline prices and the middleman- U.S. refineries- motorists may not see as large a decline at the pump as they may hope for- but certainly stay tuned. I remain optimistic that the annual spring rally at the pump could be less severe than expected, but remain cautious as it remains difficult to know where the new path will lead oil prices in the week ahead,” DeHaan said.