Florida gas prices rose 12 cents per gallon last week with the state average coming in at a striking $3.58 per gallon on Sunday, according to the American Automobile Association.
That figure 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 AAA spokesman Mark Jenkins. “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.
Last month, oil prices plummeted on the banking crisis and concerns about an economic recession that would reduce fuel demand. OPEC’s plans to cut production removes 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.
Among the most expensive metro markets are West Palm Beach-Boca Raton at $3.74 per gallon, Naples at $3.63 per gallon and Fort Lauderdale at $3.62 per gallon.