Gas price update

Gasoline prices in Florida have risen 3.9 cents per gallon in the past week, averaging $2.27/g yesterday, according to GasBuddy’s daily survey of 8,237 stations in Florida. This compares with the national average that has fallen 0.8 cents per gallon versus last week to $2.25/g, according to GasBuddy.

Average gasoline prices on February 4 in Florida have ranged widely over the last five years: $2.59/g in 2018, $2.27/g in 2017, $1.81/g in 2016, $2.13/g in 2015 and $3.31/g in 2014.

Including the change locally during the past week, prices yesterday were 32.4 cents per gallon lower than a year ago and are 13.6 cents per gallon higher than a month ago. The national average has increased 1.1 cents per gallon during the last month and stands 34.6 cents per gallon lower than a year ago.

“While oil prices have risen to their highest in months on the instability in Venezuela’s political situation, gasoline demand has remained weak and supply strong, thus keeping increases firmly in check,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “As the record gasoline supply continues to overshadow markets ahead of the road to summer gasoline, any updrafts at the pump will be small and limited for now, but once the transition begins, the supply overhang will be drawn down in short order as refiners liquidate winter gasoline, ushering in eventually higher prices come late-February and early March.”