Gas price update

Average retail gasoline prices in Florida have fallen 1.3 cents per gallon in the past week, averaging $2.29/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 2.1 cents per gallon in the last week to $2.35/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 9.0 cents per gallon higher than the same day one year ago and are 15.8 cents per gallon lower than a month ago. The national average has decreased 7.0 cents per gallon during the last month and stands 6.9 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 22 in Florida have ranged widely over the last five years: $2.20/g in 2016, $2.66/g in 2015, $3.62/g in 2014, $3.48/g in 2013 and $3.53/g in 2012.

“Due to a $3 per barrel surge in crude oil prices in the last week, gasoline prices have been moving higher across a good portion of the U.S.,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Optimism surrounding a likely deal to renew OPEC’s production cuts is pushing oil prices higher, but also the possibility that non-OPEC countries may join in has led to a dramatic turnaround in oil prices recently, with WTI crude oil climbing back over $50 per barrel for the first time since late April. The timing is impeccable for OPEC- tighten the market as summer driving season hits? Of course, but if global oil inventories don’t soon reflect the lower output it will eventually mean more struggles for oil down the road, so we’re staying tuned,” DeHaan added.