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Oil Prices Drop After Bin Laden’s Death

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MIAMI (CBSMiami.com) – The news of Osama bin Laden’s death is bringing more than just joy to the United States. Monday, crude oil prices fell 70 cents to $113.23 in late morning trading. The oil prices had dropped as low as $110.82 earlier in the day.

This doesn’t necessarily mean that gas prices will drop, especially with Libya and other Middle Eastern countries still in turmoil.

Analysts said that between sky high gas prices and bin Laden’s death; traders could be poised to take their profits and start a sell-off. This could help drive prices even lower.

Still, that potential drop isn’t helping out drivers in South Florida. The price of regular unleaded gas stands at $3.84 in the state of Florida. Premium gas prices are over $4.15 a gallon in the latest numbers from AAA.

But, Florida’s prices are well below the national average of $3.95 a gallon for regular and $4.21 for premium.

The prices have raised more than a dollar since last year at this time. The all-time record AAA has measured was $4.11 per gallon for regular unleaded on July 17, 2008.

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