Florida gas prices are on the rise, with the state average jumping 16 cents per gallon in less than a week, according to AAA – the largest weekly increase since June.
Why are Florida gas prices increasing again?
Officials said the market changed quickly after OPEC 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," said Mark Jenkins, spokesman, AAA - The Auto Club Group.
One Gas Buddy Analyst tweeted gas prices could rise another 10 to 20 cents a gallon over the next week or two. In response to OPEC cutting production, the White House announced it would release 10 million more barrels of oil next month from the U.S's reserve to counter rising prices.
How much is gas today in Florida?
Drivers can expect to pay an average price of $3.32 per gallon – which is seven cents more than the average price last Sunday. To find cheaper gas prices near you, visit our Pump Patrol website here.
Here's a look at regional prices, according to AAA:
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.50), Fort Lauderdale ($3.36), Miami ($3.36)
- Least expensive metro markets – Crestview-Fort Walton Beach ($3.17), Pensacola ($3.18), Panama City ($3.21)