Gas Prices Back Up After OPEC Production Cuts


Gas prices across the state of Florida have returned to 2023 highs after production cuts by the Organization of Petroleum Exporting Countries (OPEC), according to a new statement released by AAA.

This newest surge followed an announcement that OPEC would be cutting its output by over a million barrels a day last weekend. The move came as a surprise to many commentators, who expected greater stability after Saudi Arabia (an OPEC member) announced it would be maintaining production levels through the end of the year.

The changes take place in May, but speculation has made the effects felt to ordinary motorists almost immediately. Prices have been relatively high since the Russian invasion of Ukraine last year, and were stoked further when OPEC announced a cut of 2 million barrels a day in October. If there's any momentary solace, it's that prices likely won't continue this sharp ascent indefinitely.

"Fortunately, after the initial gains on Monday, the oil market plateaued through the rest of the week," said AAA spokesman Mark Jenkins. "It's possible that retail gas prices could inch up a little more this week before fully adjusting to the moves in the futures market."

The average cost of a gallon of gas in Florida as of Monday is $3.58 according to AAA, putting the state about two cents below the national average. Volusia and Flagler counties' averages are also both at $3.58.

The statewide average one week ago was $3.47, and $3.32 one month ago. Things are still holding better than this time last year, however, as an average gallon in Florida cost $4.08 in April 2022.