Gas price update

Gasoline prices in Florida have risen 6.9 cents per gallon in the past week, averaging $2.80/g yesterday, according to GasBuddy’s daily survey of 8,237 stations in Florida. This compares with the national average that has increased 1.5 cents per gallon versus last week to $2.87/g, according to GasBuddy.

Average gasoline prices on October 1 in Florida have ranged widely over the last five years: $2.60/g in 2017, $2.13/g in 2016, $2.14/g in 2015, $3.30/g in 2014 and $3.32/g in 2013.

Including the change locally during the past week, prices yesterday were 20.4 cents per gallon higher than a year ago and are 1.7 cents per gallon higher than a month ago. The national average has increased 3.5 cents per gallon during the last month and stands 33.4 cents per gallon higher than a year ago.

“Overarching concern over tightening global oil supplies, in advance of U.S. trade sanctions on Iran, have helped WTI rise $2.47 a barrel in just the past week, while Brent crude oil picked up nearly $4 in value to achieve thresholds not seen since November, 2014,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “Looking ahead, the squeeze in global supplies will almost certainly put gasoline prices under pressure and provide a strong basis for further increases at the pumps at a time when drivers are accustomed to seeing prices soften. Short of producing countries suddenly finding a million spare barrels of oil over the month of October, drivers should brace for even higher prices over the next several weeks.”