AAA: Florida Gas Prices Could Soon Return to $2 a Gallon, Brevard County Drivers Paying $1.88
By Space Coast Daily // June 9, 2020
Fuel prices are rising on OPEC production cuts and U.S. employment numbers
BREVARD COUNTY, FLORIDA – Florida gas prices are rising. The state average is $1.90 per gallon – the most expensive in 9 weeks. While the average price increased only 2 cents last week, even larger increases are possible in the coming days.
“Crude oil and wholesale gasoline prices are rising in response to positive US employment numbers and OPEC’s agreement to extend crude production cuts,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“Those increases could be passed along to consumers as early as this week. Florida gas prices could rise an average of 5-10 cents. If that happens, the state average could hit $2 per gallon for the first time in 10 weeks.”
The U.S. average gas price already drifted above $2 per gallon late last week. At $2.02 per gallon, the national average sits at 10-week highs.
Oil prices rose more than 10 percent last week. The price for a barrel of U.S. crude settled at $39.55 – the highest price since early March (13 weeks).
Saturday, OPEC and its allies agreed to extend record oil production cuts of nearly 10 million barrels of oil a day through the end of July.
The cuts are an effort to boost crude oil prices, by re-balancing supply and demand.
Crude prices received an added boost late last week after a surprisingly robust U.S. labor market report. This data creates additional optimism in the market about gasoline demand.
Florida drivers are paying an average price of $1.90 per gallon. That’s 70 cents per gallon less than this time last year.
• Most expensive metro markets – West Palm Beach-Boca Raton ($2.01), Gainesville ($1.99), Panama City ($1.93), Fort Lauderdale ($1.93)
• Least expensive metro markets – Orlando ($1.87), Fort Myers ($1.87), Jacksonville ($1.87), Tampa Bay ($1.87)
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