OPEC+ production cuts and price hikes wiped out Florida gas tax savings

jacksonville, florida – Savings drivers have essentially been wiped out by the recent surge in fuel prices can I’ve seen it since the Florida gas tax vacation.

For the first time, the average price per gallon of regular unleaded gasoline in the state is higher than before the duty free period took effect.

As of Friday, the state average was $3.40, 1 cent higher than the end-September average, according to AAA.

The national average is $3.90, up 11 cents since early October. The Duval County average is $3.39 per gallon.

Related: Saudi Arabia says US asked for 1-month delay in OPEC+ production cuts

A state gas tax holiday, approved this year by lawmakers and Gov. Ron DeSantis, will allow drivers to avoid paying the state’s 25.3 cents per gallon gas tax for the entire month of October.

Florida went into effect in early October, at which time the average gallon of regular gasoline in the state dropped from $3.39 to $3.17.

But those savings were wiped out last week when OPEC and its allies cut production and raised prices.

Higher oil prices, and thus higher gasoline prices, are the main drivers of inflation in the United States and around the world.

On Tuesday, President Joe Biden warned of Saudi Arabia’s implications for the OPEC+ decision.

“What they’ve done to Russia will have consequences,” Biden said. Let’s go.”

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https://www.news4jax.com/money/2022/10/14/florida-gas-tax-holiday-savings-wiped-out-by-opec-production-cut-price-hike/ OPEC+ production cuts and price hikes wiped out Florida gas tax savings

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