ORLANDO, Fla. (WOFL FOX 35) - There’s no doubt about it, gas prices are going down. The average price for a gallon of regular in Florida this Labor Day weekend was $2.26. FOX 35 found several stations with prices as low as $2.06/gallon. Gas prices nationwide are dropping and since peaking in Florida at $2.72 in June, prices at the pump are down 46 cents, and counting.
According to AAA, a weakened Chinese economy, coupled with the belief that Iran could soon start pumping millions of barrels of oil per-day back into the market is keeping crude oil cheap. AAA is forecasting gas prices could drop below $2/gallon Christmas, as suppliers transition to less expensive winter blends.