AAA: Florida Seeing Highest Gas Prices of 2023 Amid OPEC Oil Production Cuts

price of oil rose 6% on Monday after OPEC announced plans to cut more than a million barrels of oil per day

(AAA) – Florida gas prices rose 12 cents per gallon last week. On Sunday, the state average was $3.58 per gallon. That’s tied with the highest price of 2023, which 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.”

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. OPEC’s plans to cut production remove 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.

Regional Prices

Most expensive metro markets – West Palm Beach-Boca Raton ($3.74), Naples ($3.63), Fort Lauderdale ($3.62)
Least expensive metro markets – Crestview-Fort Walton Beach ($3.36), Panama City ($3.38), Pensacola ($3.41)

Find Florida Gas Prices: Daily gas price averages can be found at Gasprices.aaa.com

Gas Price Survey Methodology

AAA updates fuel price averages daily at GasPrices.AAA.com. Every day up to 130,000 stations are surveyed based on credit card swipes and direct feeds in cooperation with the Oil Price Information Service (OPIS) and Wright Express for unmatched statistical reliability. All average retail prices in this report are for a gallon of regular, unleaded gasoline.

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