ORLANDO, Florida – Florida drivers were hit with a 10-cent increase in gas prices last week, and further hikes are expected as a result of Saudi Arabia’s surprise announcement to cut oil production, according to AAA.
The move was made by OPEC+ countries, including Saudi Arabia, in an attempt to lift oil prices after they had dropped to their lowest point in 15 months due to the banking crisis.
As a result of the announcement, oil prices increased overnight, with the US price of oil trading above $80 per barrel on Sunday evening. This is the highest it has been since early March, and a rise of almost $5, or 6.5%, more than the closing price on Friday. The resulting price hike is equivalent to a 13-cent increase at the pump.
Despite this recent increase, some areas of Florida are paying more than others. The West Palm Beach-Boca Raton area currently has the highest gas prices at $3.64 per gallon, followed by Naples at $3.54 and Port St. Lucie at $3.53.
Meanwhile, the Crestview-Fort Walton Beach area has the lowest prices at $3.21 per gallon, followed by Panama City at $3.23 and Pensacola at $3.27.
AAA analysts say that drivers in Florida can anticipate further price increases at the pump in the coming weeks with the expected cuts to oil production.