Gas prices to increase as price of oil is rising, AAA says

Generic photo of a gas pump. (Pixabay)

Florida gas prices increased 10 cents per gallon last week and prices are expected to keep rising after Saudi Arabia unexpectedly announced plans to cut oil production, causing oil prices to rise overnight, according to AAA.

On Sunday, Saudi Arabia and other OPEC+ countries announced surprise plans to cut oil production by more than a million barrels per day, beginning in May.

The cuts are an effort to prop up oil prices, which recently dropped to 15-month lows because of fuel demand concerns created by the banking crisis, AAA says.

Oil prices quickly spiked following this announcement. The U.S. price of oil traded just above $80 a barrel Sunday evening, a benchmark that hasn’t been breached since early March.

The cheapest price of gas in Jacksonville is at the 76 gas station on Mayport Road in Atlantic Beach at $3.12, according to Gas Buddy. The second cheapest is the BJ’s on Phillips Highway for $3.14.

Gas Buddy relies on drivers to submit prices of gas, so these prices may not be exact.