Gas price update

Average retail gasoline prices in Florida have fallen 0.3 cents per gallon in the past week, averaging $2.30/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 0.6 cents per gallon in the last week to $2.36/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 5.8 cents per gallon higher than the same day one year ago and are 10.7 cents per gallon lower than a month ago. The national average has decreased 1.9 cents per gallon during the last month and stands 3.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 30 in Florida have ranged widely over the last five years: $2.24/g in 2016, $2.65/g in 2015, $3.59/g in 2014, $3.46/g in 2013 and $3.45/g in 2012.

“With the summer driving season officially started, gasoline prices stand just a few cents higher than where they started last summer, an impressive feat,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Surprisingly, Ohio, Indiana, Illinois, Michigan, Georgia, Kentucky, Tennessee, North Carolina, South Carolina, Alabama, Maine, Missouri and Iowa just witnessed the cheapest Memorial Day at the pump since 2005, a major feat. With the national average now seeing minor decline and roughly at the same point it was a week ago, summer gas prices are shaping up to be quite a bit lower than previous expectations and similar to what we saw last summer. This sets up a great summer season to hit the road, pointing to rising U.S. oil production in the midst of oil production cuts from OPEC for the stable prices.”