Gas price update

Average retail gasoline prices in Florida have risen 8.2 cents per gallon in the past week, averaging $2.28/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 3.5 cents per gallon in the last week to $2.31/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 22.1 cents per gallon higher than the same day one year ago and are 12.1 cents per gallon higher than a month ago. The national average has increased 8.3 cents per gallon during the last month and stands 18.2 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on July 31 in Florida have ranged widely over the last five years: $2.06/g in 2016, $2.52/g in 2015, $3.42/g in 2014, $3.58/g in 2013 and $3.43/g in 2012.

“The upward climb at pumps across the country has largely continued as crude oil prices rallied and stand within striking distance of $50 per barrel,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “The rise in oil has come due to unrest and concern over the political outlook in Venezuela, a major supplier of crude oil to the U.S., due as well to Saudi Arabia’s export cut to six million barrels per day. Add on top of it U.S. oil inventories that have declined over 50 million barrels from March and you have a recipe for a continued rally in gasoline prices in much of the country. Watch for some volatility in oil and gasoline prices in the weeks ahead, especially with what’s going on in Venezuela. August will likely feature the summer’s highest gasoline prices.”