Wednesday’s decision by the Organization of the Petroleum Exporting Countries to cut oil production.
For the first time in 8 years, OPEC plans to cut crude oil production by 1.2 million barrels a day, which raises the cost of a barrel of crude oil by 9 percent. Analysts believe this will increase the price of a gallon of gasoline by roughly 10 to 15 cents over the next week.
Gregg Laskoski, a senior petroleum analyst with Gasbuddy
, told the Orlando Sentinel
, that Central Florida is already seeing gas prices go up about 8 cents simply based on the speculation that OPEC would force members to stop pumping so much oil.
According to a press release
by AAA, the state of Florida has
consistently seen the gift of lower gas prices four out of the last five years in the month of December. In November of this year, the state average declined a total of 10 cents at the pump for most Floridians.
Floridians last month paid an average of $2.15 at the pump and the saw the second-lowest average since 2004, just 2 cents higher than 2015, says AAA.
According to the Sentinel
, a cut in production could potentially fix an excess of crude oil and gasoline. This glut in the reserves has been driving down fuel prices for nearly three years.
OPEC's decision to cut oil production is expected to go into effect the beginning of next year.
Gas prices are starting to rise in Central Florida as a result