Gas price update

Average retail gasoline prices in Florida have fallen 4.1 cents per gallon in the past week, averaging $2.40/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 3.7 cents per gallon in the last week to $2.38/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 20.0 cents per gallon higher than the same day one year ago and are 11.6 cents per gallon higher than a month ago. The national average has increased 5.1 cents per gallon during the last month and stands 15.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 1 in Florida have ranged widely over the last five years: $2.20/g in 2016, $2.57/g in 2015, $3.71/g in 2014, $3.42/g in 2013 and $3.78/g in 2012.

“An oversupply of gasoline as refiners ramp up production will continue to exert downward pressure on prices at the pumps. The national average gasoline price of $2.35 per gallon is a mere 14 cents higher than a year ago, down from a gap of nearly 40 cents just months ago,” said Dan McTeague, GasBuddy senior petroleum analyst. “The expected bump in fuel demand doesn’t seem to be coming, leaving refineries with a lot of inventory that has yet to find a market. Gas prices appear poised to drop yet again this week.”