The price of regular gas in Broward County averaged $2.60 per gallon Monday, down 5 cents from a week ago and 18 cents from a month earlier.
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Gas prices are the lowest they have been since March, although the low this year was during the last week in January, when Florida’s average was $2.07, AAA said.
That’s in contrast with the national average, which is down 6.6 cents per gallon to $2.596.
Oil traders are signaling lower prices in the futures markets.
Gas prices are dropping in other parts of the country as, well. Chicago and metro area retail prices pushed above $3 Wednesday.
DeHaan believes the loss came at the hands of economic concerns in China and the prospects of Iranian crude adding to the global glut of oil as demand begins to fall ahead of the cooler months.
The average price in Pennsylvania is $2.63 a gallon.
California, with $3.58 per gallon, is still the most expensive retail market for gasoline though prices have been falling for the past two weeks by 23 cents per gallon. At the close of Friday’s formal trading on the NYMEX, WTI settled down 79 cents at $43.87 per barrel, which was a five-month low. Last year, average prices fell by more than a dollar between August and Christmas, according to Patrick Dehaan, a senior petroleum analyst at Gas Buddy. A barrel of West Texas Intermediate crude oil lost approximately $15 in value since late June, according to NASDAQ reports.
Conflict in the Middle East, a disruption to U.S. drilling or a refinery outage could always push up oil prices, thus reducing the chances that gasoline will fall as predicted.
Drivers in LA can see the big spread of prices throughout the area. Pump prices are likely to post notable declines leading up to the Labor Day holiday.
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But that could change, Jenkins said, depending on taxes and oil and gas production costs – how much companies have to spend to find oil and extract it from the ground.
