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Oct 24, 2008 3:36 pm US/Eastern
Florida Gas Drops Below 2007 Prices
Average Price $1 Cheaper Per Gallon Than Same Day In 2007
Lower Prices Predicted Despite OPEC Production Cutbacks
MIAMI (CBS4) ―
There is little good news in the economy these days unless you head to the gas pump. Despite efforts by OPEC Friday to get control of gas prices by limiting production, the price of oil and the gasoline made from it continued to fall, dropping the average price in Florida to under $2.80 a gallon for regular, lower than it was one year ago.
According to AAA Florida, the average price for Regular was $2.795 a gallon, down 4 cents in 24 hours and just under $1 cheaper per gallon than it was a month ago.
One year ago, average regular gas prices in Florida were $2.85 a gallon, on their way to an historic run-up in price which ended with average prices for regular at around $4.20 a gallon.
In the Miami area, the average price Friday was $2.94 a gallon, though gas could be had for much less at some stations. At a member's-only Sam's club location in Doral, gas was close to $2.50 a gallon.
A year ago in Miami, regular gas averaged $2.89.
The continued decrease in the price of gas comes as crude oil prices have fallen sharply, dropping below $65 a barrel Friday despite the decision to cut production quotas.
Weakening global demand for crude amid the world's financial woes has softened the impact of OPEC's announcement that it's cutting production by 1.5 million barrels a day, starting next month.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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