Florida gas prices jumped 10 cents per gallon last week and the price of gas is expected to continue climbing, AAA reported Monday.
According to AAA, this is because Saudi Arabia unexpectedly announced plans Sunday to cut oil production, causing oil prices to rise overnight.
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“On Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May,” a news release from AAA stated. “The cuts are reportedly an effort to prop up oil prices, which recently plummeted to 15-month lows due to fuel demand concerns created by the banking crisis.”
According to AAA, the U.S. price of oil traded just above $80 a barrel on Sunday night – “a benchmark that hasn’t been breached since early March.”
“That price hike alone is equivalent to a 13 cent jump at the pump,” AAA reported.
The most expensive metro markets are currently West Palm Beach-Boca Raton ($3.64), Naples ($3.54), and Port St. Lucie ($3.53).
The least expensive metro markets are Crestview-Fort Walton Beach ($3.21), Panama City ($3.23), and Pensacola ($3.27).