TALLAHASSEE – Florida gas rates rose 10 cents final 7 days and further rate hikes are possible to occur, just after Saudi Arabia unexpectedly declared plans to slash oil production, producing oil charges to increase overnight.
On Monday, the ordinary rate in the point out for a gallon of typical was $3.47. That’s virtually 25 cents more than what it was a month in the past, but considerably considerably less than the $4.17 it was a yr in the past.
On Sunday, Saudi Arabia and other OPEC+ international locations introduced shock programs to reduce oil creation by more than a million barrels for every day, commencing in May possibly. The cuts are reportedly an work to prop up oil price ranges, which not long ago plummeted to 15-thirty day period lows due to gasoline demand issues made by the banking crisis.
Oil selling prices rapidly shot up, following this announcement. The U.S. value of oil traded just previously mentioned $80 a barrel, Sunday night. A benchmark that hasn’t been breached considering that early March. That’s an raise of practically $5 or 6.5% much more than the closing price tag on Friday. That price tag hike by itself is equivalent to a 13-cent jump at the pump.
The most high priced markets for gasoline were being West Palm Beach, Port St. Lucie, and Naples. The least expensive gasoline prices were being in Panama Town, Pensacola, and Fort Walton Seashore.
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