Gas Price Drops Below A Dollar At One Gas Station

Daniel Fowler
March 23, 2020

The price for gasoline dropped to 99 cents a gallon at the Spur 7 BP station in London, Kentucky, on Wednesday.

One commenter on the GasBuddy listing stated the gas station is known for its cheap prices. But with larger metropolitan areas ordering bars and restaurants to close and many workplaces offering telecommuting due to the coronavirus pandemic, it's possible that gas prices will continue to fall. Nationwide, gas prices are have hit $2.14 a gallon.

Gas prices have continually dropped across the United States, with Thursday's national price average at $2.196 per gallon.

Mississippi, Oklahoma and Tennessee have at least one gas station selling gas for under $1.30 a gallon, WTVF reported.

The national average price will probably decline further - perhaps to between $1.25 to $1.50 per gallon - in the next few months, he said.

Right now, crude oil prices are trending at about $30 a barrel compared to previous year when they were almost $70 a barrel, AAA spokesman Jeanette Casselano noted.

Regina lab heading up provincial COVID-19 testing
Starting Monday, restaurants, food courts, cafeterias, cafes, bistros and all similar facilities must close. The largest percentage of these cases are male at 65 per cent, while females make up 35 per cent.

Two-thirds of all USA states are experiencing double-digit price cuts this week, said AAA.

Jarmusz noted that gas prices have not been this low in nearly exactly four year, reaching 198 on March 23, 2016. This means very little need (demand) for oil.

With more than 10,000 cases and 152 people having died from the novel coronavirus, demand could remain low for the foreseeable future.

There is a pre-coronavirus level for oil demand, and a post-coronavirus level of demand.

"During this uncertain time of COVID-19, gas prices are declining despite increasing gasoline demand and decreasing US stock levels", read AAA's report. Oil prices are more than 60% below where they were at the beginning of the year, according to The New York Times. The lowest average this century occurred in 2002 when prices at the pump were $1.36 for the year.

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