Gas price update

Average retail gasoline prices in Florida have fallen 1.9 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 3.5 cents per gallon in the last week to $2.46/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 24.9 cents per gallon higher than the same day one year ago and are 2.3 cents per gallon higher than a month ago. The national average has decreased 6.4 cents per gallon during the last month and stands 28.4 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on December 4 in Florida have ranged widely over the last five years: $2.17/g in 2016, $2.06/g in 2015, $2.73/g in 2014, $3.43/g in 2013 and $3.36/g in 2012.

“With OPEC deciding last week to extend last year’s agreement on oil production cuts, the future for gasoline prices isn’t as rosy,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While the short term may feature more modest price decreases is many areas, as we set our sights on the months ahead, 2018 is starting to look ominous as a result of OPEC’s extension. U.S. oil inventories are already 100 million barrels lower than where they were last year as a result of the belt tightening, leading 2017’s yearly average gas price to close out at the highest since 2014. Motorists should enjoy the falling prices now because it’s likely that prices may again rise approaching the New Year as oil prices continue to show strength.”

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