Gas prices across the state slipped by a couple of cents this past week, but they could rise again over concerns about the global oil supply.
According to a release from AAA, the average price of a gallon of gas is $3.56. That's 2 cents below the high for 2023, set last week, but 44 cents lower than this time last year, when drivers were paying $4 a gallon for regular unleaded gas.
Several factors — including a decision by OPEC to cut oil production — could result in prices inching back higher.
"Crude prices rose last week on the belief that easing U.S. inflation could lessen the pressure on the Federal Reserve to raise interest rates, which could ultimately be bullish for gasoline demand," AAA said in a Monday news release. "Also propping up prices is a report from the International Energy Agency, which forecasts global fuel supplies may not be able to keep pace with global fuel demand, due to OPEC's decision to cut oil production by more than 1 million barrels per day starting next month.
Prices rose considerably higher in South Florida, where historic flooding interrupted operations at fuel terminals in Port Everglades, which — according to AAA — is the hub for about 40% of the gas that sails into the state.
This resulted in a gas shortage that drove prices as high as $3.75 in Palm Beach County. But operations have been restored, and the shortage should ease "very soon," according to AAA.
Motorists across the greater Tampa Bay region are paying an average of $3.53 a gallon.
