MIAMI (CBSMiami) – As oil prices continue to sink below $100 a barrel, gas prices in South Florida continued to drop as well.
Oil prices fell in overnight trading to roughly $96 a barrel. The oil drop came after U.S. crude supplies posted a more than expected increase last week.
Crude was at $106 a barrel last week, but has dropped as Europe and the U.S. economies may have slower economic expansion than expected.
Experts said oil prices continue to trade well above the fundamentals of supply and demand would normally suggest, according to CBSNews.com. The divergence of prices from supply and demand has led many to blame oil speculators for wildly inflating the true price of oil.
The good news for South Florida drivers is that gas prices have dropped from nearly $4 a gallon last month to roughly $3.76 this week, according to AAA. Current gas prices in Miami are 20 cents cheaper than at the same time last year.
In Broward County, gas prices have dropped around 23 cents in the last month to settle at $3.75 this week, according to AAA. The prices in Broward are also 20 cents cheaper than the same time last year.
Statewide, gas prices are sitting at $3.68 a gallon, down 22 cents from last month and down 24 cents from this week last year.