Gas prices drop again in Florida

TAMPA, Fla. (WWSB) - Gas prices in Florida continue to drop, hitting the lowest daily average price since April, AAA reports.

Prices in Florida fell 5 cents last week. The state average on Sunday was $3.36 per gallon.

“Pump prices have been under pressure during the past month, due to falling oil prices,” said Mark Jenkins, spokesman for AAA - The Auto Club Group. However, the trend may be short-lived. “Over the weekend, OPEC agreed on another round of oil production cuts,” he said. “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 two 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 cut in production 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.

Regional Prices

Most expensive metro markets – West Palm Beach ($3.60), Naples ($3.48), Miami ($3.48)
Least expensive metro markets – Crestview-Fort Walton Beach ($3.20), Panama City ($3.29), Pensacola ($3.30)