Florida gas prices unexpectedly jump 16 cents in a week: AAA
TAMPA, Fla. - Florida's gas prices jumped 16 cents in just four days last week, marking the largest weekly increase since June.
The sharp jump happened unexpectedly, just after prices had dropped to a record low for 2022 of $3.17 per gallon on Wednesday, according to AAA.
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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 AAA spokesperson Mark Jenkins. "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."
According to AAA, the price of oil rose 17% last week. Friday's closing price of $92.64 per barrel was $14 more than the week before. Since oil is a key ingredient in gasoline, the price increase raises the cost of producing, buying, and selling the fuel.
"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," Jenkins said.
Florida drivers are now paying an average price of $3.33 per gallon, AAA said.