Gas price update

Gasoline prices in Florida have fallen 2.2 cents per gallon in the past week, averaging $2.24/g yesterday, according to GasBuddy’s daily survey of 8,237 stations in Florida. This compares with the national average that has increased 0.7 cents per gallon versus last week to $2.28/g, according to GasBuddy.

Average gasoline prices on February 11 in Florida have ranged widely over the last five years: $2.62/g in 2018, $2.26/g in 2017, $1.76/g in 2016, $2.27/g in 2015 and $3.30/g in 2014.

Including the change locally during the past week, prices yesterday were 38.1 cents per gallon lower than a year ago and are 11.4 cents per gallon higher than a month ago. The national average has increased 3.1 cents per gallon during the last month and stands 28.8 cents per gallon lower than a year ago.

“The national average price of gasoline barely nudged higher last week, driven primarily by stations hiking prices notably in the Great Lakes early last week, pushing the national average to $2.30 per gallon mid-week before those states saw stations again cutting prices and chiseling away at the nation’s average price over the weekend,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “With oil prices sinking last week to $51 per barrel on concerns over a slowdown in trade talks with China, many states saw a respite in gas prices. However, as pipeline specifications begin to shift towards the first step towards summer gasoline requirements in the weeks ahead, the overhang in gasoline inventories will likely start to dry up and push gas prices higher.”

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