Gas prices up again on OPEC deal

You know all that money you saved over the 39 days that gas prices fell before the Thanksgiving Day weekend? Bring it with you to your next fill-up. You’re going to need it.

Gas prices throughout Florida continued their about-face from recent lows that dropped per-gallon prices below the $2 mark throughout much of the state, travel club AAA reported.

The current round of spikes were triggered by an agreement on Wednesday by members of the Organization of Petroleum Exporting Countries to reduce crude oil production by 1.2 million barrels a day.

WTI crude oil prices shot up sharply on the New York Mercantile Exchange over the next three days and on Friday closed at $51.68, up $6.45 over its Tuesday close. By midday Monday, the price was up again, to $51.91.

Prices for regular unleaded gasoline responded immediately, rising 3 cents a gallon overnight in Florida and another 6 cents after that. On Monday, the average pergallon price in Florida was $2.19 a gallon.

In South Florida, average prices on Monday were $2.25 in Broward County and $2.31 in Palm Beach County. Prices in the region tend to run higher than in the state and nation because of higher local taxes.

Meanwhile, the price-comparison website GasBuddy.com shows the sub-$2 prices seen in North and Central Florida over the past few weeks are disappearing.

The lowest price available in Broward County without a wholesale club membership was $2.07 at Marathon on Johnson Street and North 30th Road in Hollywood.

In Palm Beach County, a J&A station at Melaleuca Lane and South Military Trail in Greenacres was still selling gas for $2.05 Monday, according to GasBuddy.com.

And the increases aren’t over yet, AAA predicted.

“AAA forecasts that gas prices could rise a total of 10 to 15 cents based on the current surge in crude oil prices,” said Mark Jenkins, AAA spokesman. “How the market responds this week could send prices up even further. It’s unclear how much more upside momentum oil prices have, but some analysts believe they could eventually reach $54 a barrel. If that happens, the rise in pump prices could reach a quarter.”

OPEC’s agreement, scheduled to last six months, is intended to reduce the global oversupply that has driven prices lower since 2014. Members plan to meet again on May 25 to discuss possibly extending the production cut.