South Florida

Gas prices could continue to fall — here’s why

AAA

Gas prices reached an 11-year low over the Fourth of July weekend.

The average price nationally for a gallon of gas Monday was $2.27, the lowest for the holiday weekend since 2005, according to AAA.

Prices were slightly higher in Miami, running an average of $2.36 a gallon, but that’s still 42 cents lower than this time a year ago.

And they could continue to drop.

“Gasoline demand is currently at an all-time high, which would normally put additional pressure on refineries,” AAA spokesman Mark Jenkins said in the company’s news brief. “However, refineries are increasing output and gasoline supply has more than kept pace with growing demand, which has led to lower gas prices."

The average price for the state of Florida was a tick above the national average — $2.28 a gallon.

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