TAMPA, Fla. — Gas prices in Florida have dropped by five cents in the last week, and with the state average being $3.46 per gallon on Sunday -- prices are the lowest daily average since late April.
According to AAA spokesman Mark Jenkins, pump prices have been under pressure during the past month because of falling oil prices. But he says numbers could change soon.
"Oil prices could strengthen this week," Jenkins said in a statement. "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."
The nonprofit explains this is the latest in several rounds of production cuts. Last year, OPEC agreed to cut oil production by 2 million barrels per day.
"In April, the cartel surprised the market by cutting an additional 1.16 million barrels per day," AAA leaders explain online. "This caused a brief jump in oil prices, which cooled through May."
OPEC reportedly hopes this additional 1 million barrel per day cut will send oil prices higher again.
The U.S. price of oil traded at above $72 per barrel just overnight -- which is only about a dollar more than Friday's closing price, according to the nonprofit. It's also reportedly within the same range that oil prices have been in during the past month.
The most expensive metro markets for gas currently are West Palm Beach ($3.60), Naples ($3.48) and Miami ($3.48). The least expensive are Crestview-Fort Walton Beach ($3.20), Panama City ($3.29) and Pensacola ($3.30).
Here are some ways to save on gas, according to AAA:
- Combine errands to limit driving time.
- Shop around for the best gas prices in your community.
- Pay with cash. Some retailers charge extra per gallon for customers who pay with a credit card.
- Remove excess weight in your vehicle. Every 100 pounds taken out of the vehicle improves fuel economy by 1-2 percent.
- Drive conservatively. Aggressive acceleration and speeding reduces fuel economy.