Gasoline prices continued decreasing in Florida last week, but the trend might be short-lived as OPEC announced an additional production cut to try to push oil prices higher, according to the AAA auto club.
“Pump prices have been under pressure during the past month, due to falling oil prices,” AAA spokesman Mark Jenkins said in a prepared statement. “However, oil prices could strengthen this week. Over the weekend, OPEC agreed on another round of oil production cuts. It’s unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly, drivers would likely see higher prices at the pump.”
The average price of a gallon of regular unleaded gas in Florida on Monday was $3.36, down 5 cents from a week earlier, 23 cents from a month earlier and $1.40 from a year earlier.
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Motorists in the West Palm Beach, Naples, and Miami metro areas are paying the most for gas, while drivers in the Panhandle are paying the least.
Data from the Energy Information Administration showed gas demand decreased 3.5 percent last week, which helped limit increases in pump prices, according to AAA.
Meanwhile, oil prices declined amid a strengthening dollar and market concern that global energy demand could slow because of reduced manufacturing activity in China.
But OPEC plans to cut oil production by 1 million barrels a day, the third reduction in the past year.
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