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Gas prices could drop below $2 in February

AAA predicted that come this February gas prices will dip below $2 in Florida. Already 29 states have already seen gasoline below $2, but prices trend higher in South Florida because of higher taxes.

The price of regular gas in Broward County averaged $2.20 per gallon this week, down by seven cents from a week prior and $1.21 from the same time last year, the Sun Sentinel reported. In Palm Beach County, prices averaged $2.28 per gallon, down five cents from last week and $1.18 from last year.

Several gas stations are already teetering at the $2 mark in Broward and Palm Beach counties. The statewide price averaged $2.07 per gallon, compared to $2.03 nationwide, AAA reports.

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What is causing this hefty drop in gas prices? The combination of onshore fields increasing U.S. crude oil production over the last six years and increased supplies from other countries are the main factors pulling down oil prices.

It is predicted that oil prices should remain low through the first half of the year. This is the lowest average price for motorists in over five years, the Sun Sentinel reported.

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