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Florida gas prices tie with highest of the year
Florida gas prices rose 12 cents per gallon last week and the state average is now tied with the highest price of the year, AAA reported Monday.
Economy
Florida gas prices rose 12 cents per gallon last week and the state average is now tied with the highest price set in 2023, AAA reported Monday.
According to AAA, the state average was $3.58 per gallon on Sunday – a high that was initially set in late January.
“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.”
According to AAA, 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.
“In March, oil prices plummeted on the banking crisis and concerns about an economic recession that would reduce fuel demand,” a news release from AAA stated. “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.”
The most expensive metro markets are currently West Palm Beach-Boca Raton ($3.74), Naples ($3.63), and Fort Lauderdale ($3.62).
The least expensive metro markets are Crestview-Fort Walton Beach ($3.36), Panama City ($3.38), and Pensacola ($3.41).