Gas price update

Gasoline prices in Florida have fallen 2.8 cents per gallon in the past week, averaging $2.75/g yesterday, according to GasBuddy’s daily survey of 8,237 stations in Florida. This compares with the national average that has fallen 4.7 cents per gallon versus last week to $2.83/g, according to GasBuddy.

Average gasoline prices on October 22 in Florida have ranged widely over the last five years: $2.42/g in 2017, $2.24/g in 2016, $2.14/g in 2015, $3.10/g in 2014 and $3.31/g in 2013.

Including the change locally during the past week, prices yesterday were 33.2 cents per gallon higher than a year ago and are 4.3 cents per gallon higher than a month ago. The national average has dropped 1.6 cents per gallon during the last month and stands 39.6 cents per gallon higher than a year ago.

“Much of the country continues to enjoy broad decreases in gas prices as oil prices drop to $69 per barrel. In fact, with the exception of the West Coast where an earlier natural gas pipeline shut down caused prices to up, nearly every state saw prices move lower,” said Patrick DeHaan, head of petroleum analysis at GasBuddy. “The Great Lakes has seen prices drop 30-50 cents per gallon at individual stations since the start of October, leading decliners. The fall relief that has been expected for weeks has finally arrived. Gasoline economics typically weaken shortly after summer, but we experienced somewhat of a delay due to concern over Iran sanctions and OPEC production, but seemingly the market has become more concerned with other factors, and thus far, the affect on motorists has been lower gas prices. While Great Lakes states may see prices bounce of current lows in the week ahead, much of the rest of the country will likely see additional downward movement,” DeHaan added.