Good news for your Monday morning: gas continues to get cheaper in Florida, AAA says, although keep an eye out for a possible bump up in the coming week.
Florida gas prices declined 5 cents last week. The state average on Sunday was $3.36 per gallon. That's the lowest daily average price since late April. In Osceola County the average price of regular unleaded is $3.31, a 7-cent drop in a week, and a drop of about a quarter per gallon in the last month. This time last year it was $4.75.
"Pump prices have been under pressure during the past month, due to falling oil prices," said Mark Jenkins, spokesman, AAA - The Auto Club Group. "However, oil prices could strengthen this week. Over the weekend, OPEC agreed on another round of oil production cuts. It's unclear how much of an effect this will have on fuel prices, but if oil prices rise significantly, drivers would likely see higher prices at the pump."
This is the latest in several rounds of production cuts. Last year, OPEC agreed to cut oil production by 2 million barrels per day. In April, the cartel surprised the market by cutting an additional 1.16 million barrel per day. This caused a brief jump in oil prices, which cooled through May. OPEC hopes this additional 1 million b/d cut will send oil prices higher again.
Overnight, the U.S. price of oil traded at above $72 per barrel. That's only about a dollar more than Friday's closing price, and within the same range that oil prices have been in during the past month.
