Florida gas prices now lowest since April

Florida gas prices dropped last week to their lowest numbers since late April, AAA reported Monday.

According to AAA, gas prices in the Sunshine State dropped 5 cents last week, with a state average of $3.36 per gallon on Sunday.

“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.”

According to AAA, this is the latest in several rounds of production cuts.

“Last year, OPEC agreed to cut oil production by 2 million barrels per day,” a news release from AAA stated. “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.”

The U.S. price of oil traded at above $72 per barrel overnight -- 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.

The most expensive metro markets are currently West Palm Beach ($3.60), Naples ($3.48), and Miami ($3.48).

The least expensive metro markets are Crestview-Fort Walton Beach ($3.20), Panama City ($3.29), and Pensacola ($3.30).

About the Author:

Amanda Batchelor is the Digital Executive Producer for Local10.com.