Florida drivers could soon see gas prices move higher, as crude oil prices surged overnight after a series of drone attacks on Saudi Arabian oil facilities during the weekend.
The drone attacks targeted two huge Saudi processing plants, knocking out half the kingdom's oil capacity, and nearly six percent of what the world consumes every day. Various news reports have suggested other countries would ramp up production to offset the shortage. Overnight, President Trump authorized the release of oil from the Strategic Petroleum Reserve in effort to balance the market.
Crude oil and gasoline futures prices opened with a bang Sunday night. US benchmark - West Texas Intermediate - jumped 11 percent or a total of more than $6 for a barrel of oil. Gasoline futures also rose 11 percent or about 17 cents per gallon.
"This is a fluid situation which has quickly ignited, but could also flame out - depending on how the market responds over the next couple of days," said Mark Jenkins, spokesman for AAA - The Auto Club Group. "If oil prices hold at current levels, drivers could see gas prices begin to rise anywhere from 5-20 cents by the end of the week."
Florida drivers are currently paying an average price of $2.40 per gallon. The state average is 3 cents less than a week ago, and 34 cents less than this time last year. The highest daily average price so far this year was $2.80 per gallon; the lowest was $2.12.
- Most expensive metro markets – Panama City ($2.53), West Palm Beach-Boca Raton ($2.51), Tallahassee ($2.48).
- Least expensive metro markets – Tampa-St. Petersburg-Clearwater ($2.33), Pensacola ($2.36), Orlando ($2.36).
Find Florida gas prices
- Daily gas price averages can be found at Gasprices.aaa.com