Fuel prices are rising on OPEC production cuts and US employment numbers
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)
Find Florida Gas Prices
- Daily gas price averages can be found at Gasprices.aaa.com
- State and metro averages can be found here
AAA GAS PRICE AVERAGES
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Gas Price Survey Methodology
AAA updates fuel price averages daily at www.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.
About AAA - The Auto Club Group
The Auto Club Group (ACG) is the second largest AAA club in North America. ACG and its affiliates provide membership, insurance, banking, financial services, and travel offerings to over 13.5 million members across 13 U.S. states, the province of Quebec and two U.S. territories including Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Tennessee, Wisconsin, Puerto Rico, South Carolina and the U.S. Virgin Islands; most of Illinois and Minnesota; and a portion of Indiana. ACG belongs to the national AAA federation with more than 60 million members in the United States and Canada whose mission includes protecting and advancing freedom of mobility and improving traffic safety. Motorists can map a route, identify gas prices, find discounts, book a hotel, and access AAA roadside assistance with the AAA Mobile app for iPhone, iPad and Android. Learn more at AAA.com/mobile. Visit AAA on the Internet at AAA.com.