ORLANDO, Fla. – In the largest weekly jump seen since June, Florida gas prices went up 16 cents over a four-day period.
According to AAA, the average price per gallon is now $3.33 after reaching a low of $3.17 per gallon last Wednesday.
[TRENDING: D-SNAP benefits approved for Florida residents affected by Hurricane Ian | St. Johns River still rising after reaching record flood stage | Become a News 6 Insider]
“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,” spokesman Mark Jenkins said in a release. “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.”
OPEC+ announced last week it would cut production based on the “uncertainty that surrounds the global economic and oil market outlooks.”
[RELATED: How will OPEC+ cuts affect gas prices, inflation?]
AAA said the production cut is causing an increase in price of producing, buying and selling fuel as oil is the key ingredient in gasoline.
U.S. President Joe Biden considered the OPEC+ decision “short-sighted while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine,” White House press secretary Karine Jean-Pierre told reporters aboard Air Force One.
Regional prices
- 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)
Ways to save on gasoline
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Consider paying cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.