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South Florida Gas Prices Drop Below $2

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Nov 17, 2008 8:26 am US/Eastern

South Florida Gas Prices Drop Below $2

MIAMI (CBS4) ― South Florida gas prices broke a psychological barrier just in time for Monday's commute, dropping below $2 per gallon in some areas for the first time since winter 2005. From a high of $4.20 a gallon in July, prices have dropped to $1.99 per gallon in some areas, and more drops are expected.

The under-$2 prices are still not common in South Florida or the state, where prices are averaging about $2.14 per gallon for regular unleaded, but in the Florida City area and parts of western Broward County, sub-$2 prices have been spotted, and price trackers expect prices to continue to fall as the price of oil drops and demand falls.

Across the state, Florida AAA reports prices fell about 16 cents a gallon in the past week.

The price of crude oil had dropped close to its lowest price in three years, closing down over 3% Friday to $56.29 a barrel.

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