TAMPA, Fla. — For anyone with their gas tanks close to E, your wallet might take a hit next time you fill up after Florida gas prices rose 12 cents per gallon last week.
According to a AAA report, the state average was $3.58 per gallon on Sunday. That number is tied with the highest price of the year so far, which was first set back in late January.
"Last week's jump at the pump was expected, after OPEC announced oil production cuts that immediately caused oil prices to surge," Mark Jenkins, spokesman, AAA - The Auto Club Group, said in a statement. "Fortunately, after the initial gains on Monday, the oil market plateaued through the rest of the week.
"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."
AAA explains the U.S. price of oil rose 6% on Monday after OPEC announced plans to cut more than a million barrels of oil per day.
"In March, oil prices plummeted on the banking crisis and concerns about an economic recession that would reduce fuel demand," the nonprofit explains in a release. "OPEC's plans to cut production removes oil from a global market that was already tight on supplies."
Their goal is to reportedly keep upward pressure on oil prices, which AAA says appears to be working.
If you're looking for ways to save on gas, AAA recommends:
- 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.