Florida gas prices jumped 16 cents in just four days after dropping to a record low for this year of $3.17 per gallon on Wednesday.
According to AAA, this was the largest weekly increase for gas prices since June.
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“The jump at the pump came as a surprise, as this time a week ago, it appeared that the state’s gas tax holiday would pressure prices lower,” said Mark Jenkins, spokesman, AAA - The Auto Club Group. “However, things changed quickly after OPEC and its allies announced plans to cut oil production by 2 million barrels per day. This sent oil and gasoline futures prices back to 5-week highs. As a result, the price for retailers to purchase gasoline jumped more than 30 cents, erasing any of the downward progress created by the 25 cent sales tax holiday.”
According to AAA, the U.S. price of oil rose 17% last week.
Florida drivers are now paying an average price of $3.33 per gallon -- 7 cents more than the average price last Sunday.
The most expensive metro markets are currently West Palm Beach-Boca Raton ($3.50), Fort Lauderdale ($3.36) and Miami ($3.36).
The least expensive metro markets are Crestview-Fort Walton Beach ($3.17), Pensacola ($3.18) and Panama City ($3.21).