Monday, August 06, 2012

Gas Moving Higher Wiping Out Recent Savings

LABELLE, FL. -- Average retail gasoline prices in Florida have risen 11.3 cents per gallon in the past week, averaging $3.53/g yesterday. This compares with the national average that has increased 9.3 cents per gallon in the last week to $3.60/g, according to gasoline price website

Prices in Hendry and Glades were about $3.58 yesterday.

Including the change in gas prices in Florida during the past week, prices yesterday were 12.8 cents per gallon lower than the same day one year ago and are 29.6 cents per gallon higher than a month ago. The national average has increased 19.1 cents per gallon during the last month and stands 6.5 cents per gallon lower than this day one year ago.

"Watching the national average last week, one might have expected war broke out in the Middle East or a major hurricane shutting down production, neither of which happened, yet gasoline prices spiked," said Senior Petroleum Analyst Patrick DeHaan. "The scary thought is what may happen to gasoline prices should one of the two actually take place. The Great Lakes was hosed with refinery issues and a major oil pipeline issue, and while other regions saw increases, they paled in comparison to those in the Great Lakes states. The good news for motorists is that the end to the summer driving season and change to winter-spec fuel is in view, which will likely put downward pressure on gasoline prices," DeHaan said.

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