Gas price update

Average retail gasoline prices in Florida have fallen 4.4 cents per gallon in the past week, averaging $2.60/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 2.2 cents per gallon in the last week to $2.53/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 46.2 cents per gallon higher than the same day one year ago and are 1.7 cents per gallon lower than a month ago. The national average has decreased 8.3 cents per gallon during the last month and stands 31.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on October 2 in Florida have ranged widely over the last five years: $2.14/g in 2016, $2.14/g in 2015, $3.32/g in 2014, $3.31/g in 2013 and $3.69/g in 2012.

“For a third straight week, the majority of states saw average pump prices for gasoline fall as refineries affected by Hurricane Harvey in late August continued to show signs of being on the mend,” said Dan McTeague,  senior petroleum analyst for GasBuddy. “All the more remarkable when you consider that oil prices, which rose over $5 a barrel in September, did not prevent gasoline prices from declining and that momentum is likely to continue with another decrease for the week ahead.”

“Though last week witnessed pump price increases in the Great Lakes, this can be traced to the price cycling behavior of the region, which means these states will see prices fall to start the week. Nationwide, many drivers continue to express frustration that the decreases aren’t reflecting pre-Harvey pump prices. As noted last week by Patrick DeHaan, Head of Petroleum Analysis at GasBuddy, “it will take weeks or months to see gasoline inventories recover fully, but prices will continue slowly drift lower as inventories improve.”