Gas prices in Florida rose 12 cents per gallon last week. On Sunday, the state average was $3.58 per gallon. That’s tied with the highest price of 2023, which was initially set in late January, according to data provided by AAA.
“Last week’s jump at the pump was expected, after OPEC announced oil production cuts that immediately caused oil prices to surge,” said Mark Jenkins, spokesman, AAA – The Auto Club Group. “Fortunately, after the initial gains on Monday, the oil market plateaued through the rest of the week. It’s possible that retail gas prices could inch up a little more this week before fully adjusting to the moves in the futures market.”
The U.S. price of oil rose 6% on Monday after OPEC+ announced plans to cut more than a million barrels of oil per day.
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In March, oil prices plummeted on the banking crisis and concerns about an economic recession that would reduce fuel demand. OPEC’s plans to cut production removes oil from a global market that was already tight on supplies.
Their goal is to keep upward pressure on oil prices and that appears to be working.
Regional Prices
- Most expensive metro markets – West Palm Beach-Boca Raton ($3.74), Naples ($3.63), Fort Lauderdale ($3.62)
- Least expensive metro markets – Crestview-Fort Walton Beach ($3.36), Panama City ($3.38), Pensacola ($3.41)
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