Florida gas prices increased 10 cents per gallon last week and additional price hikes are likely to come, after Saudi Arabia unexpectedly announced plans to cut oil production, causing oil prices to rise overnight.
According to AAA, on Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May.
The cuts are reportedly an effort to prop up oil prices, which recently plummeted to 15-month lows due to fuel demand concerns created by the banking crisis.
Oil prices quickly shot up, following this announcement. The U.S. price of oil traded just above $80 a barrel Sunday evening, a benchmark that hasn't been breached since early March.
That's an increase of nearly $5 or 6.5% more than the closing price on Friday. That price hike alone is equivalent to a 13-cent jump at the pump.
The most expensive metro markets are; West Palm Beach-Boca Raton ($3.64), Naples ($3.54), and Port St. Lucie ($3.53)
The least expensive metro markets are: Crestview-Fort Walton Beach ($3.21), Panama City ($3.23), and Pensacola ($3.27)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
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