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Saudi Arabia cuts oil production matching supply with pandemic-low demand

Florida gas prices sit at 10-month highs

Gas prices are at ten-month high. Although it his higher than recent months, it is lower than the prices a year ago. This prices are so high due to rising crude oil prices.
Gas prices are at ten-month high. Although it his higher than recent months, it is lower than the prices a year ago. This prices are so high due to rising crude oil prices.

If you are planning to drive anytime soon, it will cost you more to get where you are going. Last week, prices increased 11 cents in the Sunshine State, making for the highest prices since March 2020.

AAA data shows Florida gas prices are sitting firm in its 10-month high at an average of $2.30.

Continued optimism in the COVID-19 vaccine is helping prop up the fuel market, but also a decision made in Saudi Arabia is putting a direct effect on what consumers are paying.

At the end of December, Saudi Arabia announced a one million barrel per day production cut representing 1% of global supply for February. This move balances supply with the diminished demand, due to the pandemic.

Gas prices took a huge dip when work from home and travel restrictions became a new way of life for Americans and across the world.

Despite this, the price per gallon is still cheaper than it was a year ago in Florida. In January 2020, the average price per gallon was $2.59.

Presently, the Jacksonville market is one of the cheapest metro markets for gas in the state.