Average retail gasoline prices in Florida have fallen 4.5 cents per gallon in the past week, averaging $2.42/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 1.6 cents per gallon in the last week to $2.44/g, according to gasoline price website GasBuddy.com.
Including the change in gas prices in Florida during the past week, prices yesterday were 18.2 cents per gallon higher than the same day one year ago and are 23.2 cents per gallon lower than a month ago. The national average has decreased 12.0 cents per gallon during the last month and stands 22.2 cents per gallon higher than this day one year ago.
According to GasBuddy historical data, gasoline prices on October 23 in Florida have ranged widely over the last five years: $2.23/g in 2016, $2.13/g in 2015, $3.08/g in 2014, $3.30/g in 2013 and $3.61/g in 2012.
“The national average gas price is lower for the sixth straight week, the longest such decline since the summer of 2016,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “Perhaps even more wild is that the national average has now remained under $3 per gallon for nearly 3 years, or 1,087 days as the days of cheap oil have continued. While recent actions from OPEC may cause oil prices to hold above the key $50 per barrel level, there is no threat of a quick return to the $3 per gallon days. In fact, the national average may continue to decline for a few weeks before leveling off as gasoline inventories continue to heal after Harvey. The future isn’t all roses, however- some areas of the Midwest have seen prices rise as refineries undergo seasonal maintenance and inventories in the region remain tight, keeping prices elevated. Regional hotspots like this may continue in the weeks ahead as gas stations come closer to fully passing along lower gas prices after Harvey and now become subject to new factors driving prices up and down.”