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Double trouble: OPEC+ cuts production, Florida's gas tax holiday to expire Nov. 1

Gas prices expected to increase in November
Posted at 7:26 PM, Oct 06, 2022
and last updated 2022-10-06 20:19:23-04

WEST PALM BEACH, Fla. — The math alone might make a driver dread filling up at a gas station after Halloween.

Right now the average price of gas in Florida is $3.22. Florida drivers would normally be paying $3.47, but are getting a discount since October is a gas tax holiday.  

OPEC+, the group of nation’s that export most of the world’s oil, plans to cut production by 2 million barrels a day, leading many experts to predict a 20% increase in gas prices. If that holds true, Floridians will be paying $4.16 per gallon Nov. 1.  

“It’s going to affect me a lot,” said Jeff Pauldo, who installs home security systems. He lives in West Palm Beach and his recent work takes him to and from the city of Aventura in Miami-Dade County almost daily.

He worries and wonders what the price of gas will be at the end of the month.  

“I think it’s outrageous,” said Pauldo, as he filled up his work van with gas at $3.39 per gallon. “I mean one minute it’s down, next minute it’s up.”  

“We are prepared for a rise in gas prices,”  said Florida Atlantic University finance professor Sofia Johan.

Johan said it could be worse. Some past hurricanes have led to a bump in gas prices in Florida, but Hurricane Ian may be an exception.  

“Does it affect the east coast of Florida? I don’t think so,” said Johan. “I haven’t seen it.”  

As for Pauldo, he's taking the future gas hike in stride, as prices will soon reach the $4.00 per gallon mark.

“I will ask for a raise,” he said laughing. “Unfortunately, you have to adjust.”  

Pauldo’s adjustment might mean more night shifts at a second job, cooking Bahamian dishes at a West Palm Beach restaurant.  

“You have to do something to compensate for this,” he said.