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Summer Gas Prices May Have Peaked

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(Source: Getty Images)

(Source: Getty Images)

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MIAMI (CBSMiami) – Believe it or not, as our summer time temps continue to heat up, the price at the pump has begun cooling off.

The U.S. average retail price of gasoline has fallen below $3.60 a gallon for the first time since April 10, 2014, according to GasBuddy.com. The U.S. average, now $3.59/gal., has dropped by 5 cents in the past week.

“West Texas Intermediate crude, the benchmark for the U.S., traded below $100 per barrel today for the first time since April, reflecting a slow but steady decline in recent weeks,” said Patrick DeHaan, senior petroleum analyst for GasBuddy. “Over the same period, we’ve seen wholesale crude prices across the country slip dramatically. We’re confident that in coming weeks we’ll see retail prices catch up to the wholesale losses. West Coast consumers will likely see their retail prices slide from 15 to 25 cents per gallon over the next two weeks, and across the rest of the country we can expect prices at the pump to shed from 10 to 20 cents per gallon.”

In Florida, we’re averaging $3.54 for a gallon of regular unleaded.

In Miami and Ft. Lauderdale, drivers were paying about $3.60 a gallon, that’s down from just about $3.64 from a week ago.

The most expensive place to fill up is West Palm Beach where gas is averaging $3.66 a gallon. Orlando is the cheapest place to top off the tank – gas is averaging $3.45 a gallon.

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