Gas price update

Average retail gasoline prices in Florida have risen 3.2 cents per gallon in the past week, averaging $2.59/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has increased 1.9 cents per gallon in the last week to $2.60/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 32.3 cents per gallon higher than the same day one year ago and are 15.4 cents per gallon higher than a month ago. The national average has increased 11.2 cents per gallon during the last month and stands 34.0 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on February 5 in Florida have ranged widely over the last five years: $2.27/g in 2017, $1.80/g in 2016, $2.17/g in 2015, $3.30/g in 2014 and $3.57/g in 2013.

“High oil prices continue to push gasoline prices to territory that Americans haven’t seen for years, aside from Hurricane Harvey last September,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While oil production in the U.S. reaches highs not seen since the 1970’s, OPEC’s production cuts for the last year have weighed heavily on global inventories, mitigating any small rise in U.S. production. And the damage could get even worse as refinery maintenance season and summer gasoline is on the horizon. This has been a storm brewing since the Obama administration legalized oil exports and OPEC decided to forgo market share to tighten global supply. All of this and more will lead to average gas prices being 25-50 cents per gallon higher by Memorial Day.”