A spike in gas prices offsets Florida's gas tax holiday
Gas prices had their largest one-week increase since June, following OPEC's announcement it was cutting the oil supply.
Gas prices across Florida had their largest one-week increase since June, despite a gas tax holiday that went into effect at the start of the month.
After falling to a yearly low of $3.17 on Wednesday, the average price of a gallon of gas shot up 16 cents over the next four days.
Mark Jenkins, spokesman for AAA, said the increase was due to OPEC cutting oil production, offsetting the 25-cent-a-gallon savings from the state's month-long gas tax holiday.
"The jump at the pump came as a surprise, as this time a week ago, it appeared that the state's gas tax holiday would pressure prices lower," Jenkins said in a news release. "However, things changed quickly after OPEC and its allies announced plans to cut oil production by 2 million barrels per day.
"This sent oil and gasoline futures prices back to 5-week highs. As a result, the price for retailers to purchase gasoline jumped more than 30 cents, erasing any of the downward progress created by the 25 cent sales tax holiday."
Drivers across the greater Tampa Bay region are paying just under $3.31 a gallon