Florida gas prices increased 10 cents per gallon last week and additional price hikes are likely to come, after Saudi Arabia unexpectedly announced plans to cut oil production, causing oil prices to rise over the weekend, AAA The Auto Club reported Monday.
On Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May. The cuts are reportedly an effort to prop up oil prices, which recently plummeted to 15-month lows due to fuel demand concerns created by the banking crisis.
Oil prices quickly shot up, following this announcement. The U.S. price of oil traded just above $80 a barrel, Sunday evening. A benchmark that hasn't been breached since early March. That's an increase of nearly $5 or 6.5% more than the closing price on Friday. That price hike alone is equivalent to a 13 cent jump at the pump.
The average price of a gallon of regular unleaded in Osceola County sat at $3.47, the same as the average in the state of Florida, and pennies lest ($3.50) than the national average. Locally, the average is up 14 cents from a week ago and 30 cents over a month ago; but still far less from a year ago when the average was $4.16 and on the way up about another 50 cents when gas prices hit all-time highs in June 2022.
So, how can you make that expensive gas go farther for you? AAA offers these tips:
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.
Daily gas price averages can be found at Gasprices.aaa.com.
