Gas price update

Average retail gasoline prices in Florida have fallen 1.5 cents per gallon in the past week, averaging $2.25/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 0.3 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 22.7 cents per gallon higher than the same day one year ago and are 2.1 cents per gallon lower than a month ago. The national average has increased 1.2 cents per gallon during the last month and stands 30.3 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on March 20 in Florida have ranged widely over the last five years: $2.02/g in 2016, $2.42/g in 2015, $3.54/g in 2014, $3.71/g in 2013 and $3.83/g in 2012.

“As oil prices have hit a bit of a rough patch in the last two weeks, gasoline prices have stumbled as well with a majority of states seeing a weekly pull back in retail prices,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “While some states did see minor increases, the bulk of the country saw prices moving lower at a time of year that such a move is about as likely as a 16th seed team winning the NCAA tournament. While the drop at the pump is most welcome, we’re nearly guaranteed to see prices rebound well in time for Memorial Day and the start of the summer driving season. For now, there’s a major tug of war going on with oil prices- a move higher or lower in the week ahead could determine the direction of prices the next few weeks or longer,” DeHaan added.

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