Eye on the Pump - Gas Prices

Gas Prices Drop Below $4 In S. Florida, Nationwide

Lower Demand, Oil Prices Credited For Drop

Customers Willing To Pay Cash Save At The Pump

Average Local Price Under $3.96, $3.99 Nationally

MIAMI (CBS4) ― A drop in the price of crude oil and declining demand for gasoline have combined to help cut the national average price of regular gasoline to below the $4-dollar mark for the first time in weeks. In South Florida, some prices have dropped below $3.90 per gallon, if you're willing to put away your credit card.

The average price of regular gasoline at self-serve stations was $3.996 a gallon Friday. Mid-grade was $4.13 a gallon and premium went for $4.24. That's according to the Lundberg Survey of 7,000 gas stations nationwide, released Sunday.

Prices are at their lowest level since May 16 and are an average of 11.7 cents less per gallon than two weeks ago.

In South Florida, the CBS4.com survey of gas prices as reported by sales data and spotter reports shows prices hovering around $3.95 a gallon, with some prices even lower.

In some areas, including the Doral area, it was possible to find gas for $3.85 a gallon if you were willing to pay gas.

Service station operators say credit card fees based on a percentage of the pump price have risen while their profit has remained unchanged, causing them to lose money. Encouraging people to pay cash, and pocket some of the savings, saves drivers money and helps the station operator's bottom line.

However, some customers say they're confused by the cash-only price being advertised prominently, only to change on the pump when they insert a credit card.

Florida requires stations to advertise both prices on the pump, but not all dealers are complying, leading to confusion about the lower price.

Even with the break in prices, the average U.S. price for gas is $1.11 higher than it was a year ago.

The cheapest gas was in Wichita, Kan., where the price for regular was $3.61 a gallon.

Anchorage ranked the nation's highest: $4.43 a gallon for regular.

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