Gas price update

Average retail gasoline prices in Florida have fallen 1.4 cents per gallon in the past week, averaging $2.26/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has not moved  in the last week to $2.34/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 19.4 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 9.8 cents per gallon during the last month and stands 22.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on August 14 in Florida have ranged widely over the last five years: $2.07/g in 2016, $2.42/g in 2015, $3.35/g in 2014, $3.49/g in 2013 and $3.63/g in 2012.

“For the fourth straight week gasoline prices have risen, pushing the national average this week to its highest level of the summer so far,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “There are some signs, however, that we may be nearing a short-term peak as the climb in gasoline prices has begun to slow. The number of states seeing gas prices decline versus a week ago rose to its highest level in three weeks, a sign that gas prices have in these areas have caught up to the rise in oil prices. While that sign alone doesn’t guarantee lower prices, it suggests that fewer price increases are in store as stations await oil’s next move. Last week saw oil prices fluctuate little until Friday, when prices fell and closed the week under $49 per barrel, with many ‘wait and see’ factors weighing on the market, such as the Venezuela situation, hurricane season and declining U.S. oil inventories.”