Gas prices in Florida have hit a 6-year low, according to travel club AAA. The price of regular gas in Broward County averages at $2.25 per gallon, with the cheapest gas priced at $1.98 from three stations in Pompano Beach. Experts also predict that prices will dip further before the year’s end.
A global oversupply of oil has kept downward pressure on crude prices. According to the EIA, crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. The price of WTI oil is trading around $41 a barrel, about $4 lower than what they were when gas prices hit their low point in January. Oil reached this year’s high of $61.43 on June 10. It has remained below $50 since July, helping to keep gasoline production costs low.
Prices are also now the cheapest since May 6, 2009 in Georgia and March 25, 2009 in Tennessee.