Gas Prices in Florida Shoot Up After OPEC Cuts Production

A new report from AAA shows gas prices in Florida rose dramatically last week.

After falling to $3.17 a gallon–the lowest average in the state in 2022–by the start of this week, the average gallon of gas in Florida cost $3.33 at the start of this week. The national average stood at $3.91 a gallon Sunday, up from $3.80 at the start of last week.

“The jump at the pump came as a surprise, as this time a week ago, it appeared that the state’s gas tax holiday would pressure prices lower,” said Mark Jenkins, a spokesman for AAA and the Auto Club Group. “However, things changed quickly after OPEC and its allies announced plans to cut oil production by 2 million barrels per day. This sent oil and gasoline futures prices back to 5-week highs. As a result, the price for retailers to purchase gasoline jumped more than 30 cents, erasing any of the downward progress created by the 25 cent sales tax holiday.”

In full, the U.S. price of oil rose 17 percent last week. Friday’s closing price of $92.64 per barrel was $13 more than the week before. Since oil is a key ingredient in gasoline, this raises the cost of producing, buying and selling the fuel.

Florida drivers are now paying an average price of $3.33 per gallon. That’s 7 cents more than the average price last Sunday and closer to what drivers paid on October 1st ($3.38) than on October 2nd ($3.26).

The West Palm Beach-Boca Raton area had the most expensive gas in the state with an average of $3.50 a gallon followed by Fort Lauderdale and Miami which both saw an average of $3.36 a gallon.

The Crestview-Fort Walton Beach area had the least expensive gas in the state with an average of $3.17 a gallon on Sunday followed by Pensacola at $3.18 a gallon and Panama City at $3.21 a gallon.

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