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OPEC+ cuts oil production, how will this affect Florida?

Currently, drivers have a bit of relief from the gas tax holiday.

ST. PETERSBURG, Fla. — Higher gas prices could be on the horizon for many Floridians after a group of oil-producing nations decided to slash oil production by 2 million barrels per day on Wednesday

The decision by the Organization of the Petroleum Exporting Countries, also known as OPEC+, could make an effect by next month. According to GasBuddy, that could cost all of us an extra 15 to 30 cents a gallon at the pump.

U.S. lawmakers had a strong reaction toward the decision, many saying that OPEC+ is doing this, in part, to help Russia.

The Wall Street Journal reported that President Joe Biden said that he was disappointed in the decision.

RELATED: OPEC+ makes big oil cut to boost prices; pump costs may rise

"We are returning to a period of prolonged hostility between OPEC and the United States," said David Goldwyn, who worked on international energy affairs at the departments of energy and state during the Clinton and Obama administrations told the journal

"A production cut of the size, when inflation is ravaging global growth, and Europe is struggling to access alternative supply in the face of Russia’s aggression against Ukraine is a declaration of economic and diplomatic war."

Reportedly, White House press secretary Karine Jean-Pierre told reporters that the president considered the OPEC decision “short-sighted while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine," according to the Associated Press

This move comes as prices had been generally going down all summer. Most recently, gas prices rose a nickel due to refinery issues domestically, according to AAA

RELATED: Here are the points of distribution locations for counties impacted by Hurricane Ian

The good news in Florida, at least for the time being, is that any price hike can be offset by the current gas tax holiday. Back in June, the president called on Congress to suspend federal gasoline and diesel taxes for three months. 

Florida Gov. Ron DeSantis approved a one-month fuel tax holiday for the entire month of October, ahead of the election the following month. Floridians could save $200 million by lowering the price of gas by 25.3 cents per gallon.

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