Gas prices dropping

Average retail gasoline prices in Pensacola have fallen 1.3 cents per gallon in the past week, averaging $2.28/g yesterday, according to GasBuddy’s daily survey of 249 gas outlets in Pensacola. This compares with the national average that has fallen 2.4 cents per gallon in the last week to $2.31/g, according to gasoline price website

Including the change in gas prices in Pensacola during the past week, prices yesterday were 42.3 cents per gallon lower than the same day one year ago and are 7.9 cents per gallon lower than a month ago. The national average has decreased 1.3 cents per gallon during the last month and stands 47.2 cents per gallon lower than this day one year ago.

According to GasBuddy historical data, gasoline prices on June 27 in Pensacola have ranged widely over the last five years:
$2.70/g in 2015, $3.64/g in 2014, $3.41/g in 2013, $3.12/g in 2012 and $3.47/g in 2011.

Areas nearby Pensacola and their current gas price climate – note: Alabama has lower gas taxes than Florida:
Mobile- $2.07/g, down 1.3 cents per gallon from last week’s $2.08/g.
Montgomery- $2.09/g, down 3.8 cents per gallon from last week’s $2.13/g.
Alabama- $2.09/g, down 2.5 cents per gallon from last week’s $2.11/g.

“The national average price of gasoline has now slipped nearly 10 cents lower than the 2016 peak, to-date, of $2.39 per gallon, bringing greater likelihood that prices for the Fourth of July weekend will be even lower than where they now stand,” said Gregg Laskoski, senior petroleum analyst for GasBuddy.

“And if there was any doubt about the direction of retail gasoline, ‘Brexit’s impact –strengthening the U.S. dollar; weakening European currencies and weakening global crude oil prices– is expected to add even more downward pressure to summer gas prices despite record-setting demand (9.81 million barrels per day for the week ending June 17).”