Florida gas prices jumped 12 cents per gallon over the last week with the average currently at $3.58 for a gallon of regular unleaded. Osceola drivers are seeing the same price at $3.58. That matches the highest price for gas so far in 2023, which had peaked in January. Nationally, the average is 2 cents higher at $2.60 per gallon.
“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, 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 average price per gallon in Escambia County was $3.40 A low of $3.35 could be found in North Escambia on Highway 29 in Cantonment, while in Pensacola the bottom dollar price was $3.19 at the warehouse clubs.
The U.S. price of oil rose after OPEC announced plans to cut more than a million barrels of oil per day. 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 looks to be succeeding.