Coronavirus Leads to a Decrease in Gas Prices
Photo: The News Wheel
The coronavirus pandemic is having an effect on businesses throughout the U.S., and gas stations are no exception. With fewer people taking road trips or commuting to work, drivers are not filling up their tanks as often, leading to a decrease in gas prices.
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What gas prices you can expect
Since there are fewer drivers on the road, there’s a low demand for fuel and a high supply of oil at gas stations. This is why many gas stations have now dropped their prices. As of March 26, the national average of gas prices is just $2.069.
The average prices by state currently range from $1.650 in Oklahoma up to $3.412 in Hawaii. Nevertheless, these prices could continue to drop in the coming weeks if more states are put on lockdown.
The cost of crude oil, in particular, recently fell to a price that Americans haven’t seen since 2002. Because crude oil makes up about 60 percent of the retail price at a gas pump, the lower crude oil prices have contributed to the decrease in gas prices in the U.S.
Jeanette Casselano, AAA spokesperson, said, “Typically gas prices start to trend more expensive at the beginning of spring, especially as motorists get out to enjoy the warmer weather and travel for spring break. That is not the case this year.”
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While you may be tempted to take advantage of these great prices, you don’t need to race towards the nearest gas pump. The high gas supply means the stations shouldn’t be running out of oil any time soon, and you should be able to still fill-up your tank at a reasonable price in the coming weeks.
Amanda Drago lives in West Chester, Ohio with her wonderful family, which includes her adorable dog, Coco. Amanda recently graduated from Miami University with degrees in both marketing and creative writing. However, if she was ever forced to change career paths, she imagines that she would train dogs for movies. In her spare time, she enjoys reading, writing, and watching Netflix. She also has a special place in her heart for theatre and purchases tickets to as many shows as she can. See more articles by Amanda.