Monday, August 12, 2013

Gas Price May Be Falling

Average retail gasoline prices in Florida have fallen 4.9 cents per gallon in the past week, averaging $3.51/g yesterday, according to GasBuddy's daily survey of 8,237 gas outlets in Florida. This compares with the national average that has fallen 5.0 cents per gallon in the last week to $3.58/gallon.

Including the change in gas prices in Florida during the past week, prices yesterday were 11.5 cents per gallon lower than the same day one year ago and are unchanged versus a month ago. The national average has decreased 1.2 cents per gallon during the last month and stands 9.1 cents per gallon lower than this day one year ago.

"While gas prices in Anderson, SC have hit $2.99/gal in the last week, nationally, pump prices have also seen drops amounting to an average drop of a nickel per gallon," said Analyst Patrick DeHaan. "Prices finally have dropped under their year ago values, just in time for those last minute vacations before school starts. The rest of the summer will likely see prices flirting with where they stand today, but more significant relief will arrive around mid-September, when prices nationally could be 10-25 cents per gallon lower than where they are today," DeHaan said.

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