gas prices

Paul Sakuma / Orlando Sentinel

Fill up your gas tank now because prices are going up.

The drone attack on Saudi Arabian oil fields that the United States is blaming on Iran caused a sharp increase in the global price of oil — and that will almost certainly be followed by an uptick in what we’ll pay at the gas pump.

The attacks targeted two huge Saudi processing plants and knocked out half the kingdom’s oil capacity, which accounts for nearly six percent of global daily consumption.

Updated at 5:22 p.m. ET

The price of oil saw a massive price spike Monday following what are believed to be drone strikes on Saudi oil facilities over the weekend that has shut off more than half of the kingdom's daily exports, or about 5% of the world's crude production.

Benchmark Brent crude briefly surged almost 20% in early trading before settling closer to 10%, up $6 to $66.28 per barrel. It rose again in the early afternoon, topping $70 for an increase of some 15%. The U.S. benchmark West Texas crude rose more than 10%.

Updated at 11:30 p.m. ET

Iran says it is not behind Saturday's attacks on oil plants in Saudi Arabia, denying accusations from Secretary of State Mike Pompeo that Tehran was responsible for "an unprecedented attack on the world's energy supply."

Javad Zarif, Iran's foreign minister, said in a tweet on Sunday that Pompeo was turning from "max pressure" to "max deceit."

As Labor Day approaches, gas prices are near the lowest level of the summer. And even with the threat of Tropical Storm Dorian, AAA officials say they are not expected to rise.

Florida is leading the nation when it comes to gasoline price drops.

Ignoring pressure from President Trump to keep the oil flowing, OPEC, Russia and other producers have agreed to cut production. They pledged to pare output by 1.2 million barrels a day, hoping to stem a sharp drop in oil prices.

The price of crude jumped nearly 4.5 percent Friday morning, to $53.75 per barrel, on word of the agreement, which called for a bigger reduction than analysts had expected.

This year’s holiday season has been greeted with lower gas prices. The price at the pump has declined due to the decrease of the cost of crude oil.

With Gordon expected to become a hurricane and headed to the U.S. Gulf Coast, analysts are keeping a close eye on the nation’s oil refineries.

Catherine Welch / WMFE

After a rise before the Memorial Day weekend, gas prices in Florida are expected to drop. AAA says oil prices are dropping and gas is expected to follow.

In Florida the average gallon of unleaded is $2.91. That’s compared to the national average of $2.97, said AAA spokesman Josh Carrasco.

“What we do expect is that gas prices should decline probably five to ten cents over the next few weeks,” said Carrasco.

Orlando has one of the lowest gas price averages in the state at $2.88 a gallon.

President Trump's announcement that he will withdraw the United States from the Iran nuclear deal sent crude oil prices up slightly. U.S. drivers who have noticed higher prices at the pump may be tempted to blame Trump's Iran decision, but it's only one factor at play right now. Even before Trump's announcement gasoline prices were nearly 50 cents a gallon higher than a year ago.

Gas Prices Decreasing After Hurricanes Harvey And Irma

Sep 26, 2017

Gas prices are on a steady decline after Hurricanes Harvey and Irma. 

Hurricane Harvey won’t send heavy rains and winds to Florida, but it will likely push gas prices higher. 

Gas Prices On The Rise In Florida

Jul 24, 2017

AAA reports Florida has the 16th cheapest gas in the U.S.—that’s including a seven cent increase across the state.

With the new year came a new increase to Florida’s gas tax. But it’s unlikely consumers will even notice the rate hike: it amounts to one tenth of one cent. 

Florida’s gas tax is one of the highest in the country, totaling 36.59 cents per gallon. An additional 18.4 cents goes to the federal government, before cycling back down to state projects. The revenue helps restore and maintain the state’s aging infrastructure. But like the country’s roads and bridges, the tax base is crumbling.

Floridians planning a long day trip for the Memorial Day holiday can breathe a little easier.

AAA, the auto club, released a report estimating that Memorial Day gas prices will be the lowest they’ve been for the past 11 years.