Gas price update

Average retail gasoline prices in Florida have fallen 5.1 cents per gallon in the past week, averaging $2.14/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 2.7 cents per gallon in the last week to $2.22/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 7.8 cents per gallon lower than the same day one year ago and are 21.7 cents per gallon lower than a month ago. The national average has decreased 15.4 cents per gallon during the last month and stands 4.8 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 3 in Florida have ranged widely over the last five years: $2.22/g in 2016, $2.67/g in 2015, $3.60/g in 2014, $3.43/g in 2013 and $3.18/g in 2012.

“With July 4 around the corner, the national average gasoline price has fallen over the last week yet again, said Dan McTeague, senior petroleum analyst for GasBuddy.com. “While it has been over a month since the national average last saw a weekly rise, it is looking more likely we will soon face just that. Oil prices have rebounded off the previous $42 per barrel low, and now stand near $45 per barrel. It is just a matter of time before the national average bottoms out for the short-term, but at least the low prices was perfectly timed with what may be the lowest average gas prices of the summer as we celebrate the Fourth. While gasoline prices will likely begin to creep higher, the summer driving season could still end up being the lowest overall average since 2005.”