Gas prices could hit $2.50 a gallon by November, analyst predicts
South Florida Business Journal

Date: Thursday, June 21, 2012, 7:21am EDT

Gas prices have been dropping steadily in Florida since April, and
according to at least one analyst, that may just be the tip of the iceberg.

Energy analyst Philip Verleger told Bloomberg TV that U.S. drivers could
see $2.50-a-gallon gas prices by November, the Boston Business Journal
reports.

The cause is two-fold, he said: The price of oil has fallen sharply
recently due to overproduction in Saudi Arabia, and falling demand due
to Europe’s economic slowdown is also a factor.

The average gas price in Fort Lauderdale dropped to $3.41 last week, the
lowest in the tri-county area, according to the AAA Fuel Gauge Report.
Miami's average fuel price fell to $3.43 and the average gas price in
the West Palm Beach area dropped to $3.44.

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