Florida gas prices increased 7 cents per gallon last week. The state average has now increased a total of 23 cents per gallon since October 6th.
“Drivers faced another round of rising gas prices last week, as retail prices at the pump continued to adjust to the big jump in oil prices which occurred more than a week ago,” said Mark Jenkins, spokesman, AAA – The Auto Club Group.
“The 17% oil price hike was largely in response to OPEC’s announcement that it would cut oil production by 2 million barrels per day in effort to raise oil prices. The resulting gas price hike effectively erased any discounts created by the state gas tax holiday, Fortunately, oil prices took a step back last week, which should ease upward pressure at the pump,” said Jenkins.
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The U.S. price of oil settled at $85.61 per barrel on Friday. That’ was $7 per barrel (-8%) less than the week before, and back in line with where oil prices were four weeks ago.
Florida gas prices averaged $3.40 per barrel on Sunday. That’s 7 cents per gallon more than a week ago, 22 cents more than this time last year, yet 3 cents less than last month.
Drivers are now paying $1.49 per gallon less than mid-June, when gasoline reached an all-time high of $4.89 per gallon. It now costs $51 to fill an average-sized 15-gallon tank of gasoline. That’s $22 less than what it cost when prices were at their peak during the summer.