Gas price update

Average retail gasoline prices in Florida have fallen 0.9 cents per gallon in the past week, averaging $2.71/g yesterday, according to GasBuddy’s daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 0.9 cents per gallon in the last week to $2.80/g, according to gasoline price website GasBuddy.com.

Including the change in gas prices in Florida during the past week, prices yesterday were 36.0 cents per gallon higher than the same day one year ago and are 10.9 cents per gallon higher than a month ago. The national average has increased 14.5 cents per gallon during the last month and stands 46.5 cents per gallon higher than this day one year ago.

According to GasBuddy historical data, gasoline prices on May 7 in Florida have ranged widely over the last five years: $2.35/g in 2017, $2.20/g in 2016, $2.61/g in 2015, $3.68/g in 2014 and $3.43/g in 2013.

“The rise in gas prices has slowed substantially in the last week in some places, with 15 states seeing gas prices move lower versus last week,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “While we may not be out of the woods yet, especially with President Trump mulling over the Iran nuclear deal, it’s possible we’re very close. Much will depend on his decision on the subject. Killing the deal may inflict more pain on motorists as it may lead to sanctions placed on Iran and their oil production, which would likely push oil prices higher. With summer gasoline now phased in and reaching motorists gas tanks across the country, it is no longer an active issue pushing prices up. Oil’s moves and possible moves will likely be the key catalyst behind changes at the pump in the weeks ahead as summer driving season soon gets underway. Motorists should expect the national average to drift around in the upper $2 per gallon range for much of the summer.”