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Gas Prices Drop Due to Coronavirus Pandemic
As the coronavirus pandemic continues, gas prices continue to move lower as demand drops. The latest Lundberg Survey shows that the average regular-grade gasoline fell 14 cents over the past two weeks. Currently, the average price is down to $2.01 per gallon.
According to industry analyst Trilby Lundberg, gas prices have dropped 52 cents over the past seven weeks. The decline of demand amid the stay-at-home orders across the country caused this drop to happen.
Fox Business reported that the highest average price in the nation for regular-grade gas is $3.22 per gallon in Honolulu. They also reported that the lowest average is $1.42 in Tulsa, Oklahoma, and the average price of diesel is $2.69.
All gassed up and nowhere to go: Gasoline prices are at multi-year lows, but no one is driving https://t.co/97Q6XSdWRG
— CNBC (@CNBC) April 12, 2020
According to CNBC, the national average for a gallon of gas, which is $1.883, is the cheapest in more than four years. This is according to the latest data from AAA.
“We are seeing major destruction to gasoline demand which could push the national average below $1.70 or cheaper this month,” said AAA spokesperson Jeanette Casselano.
“The outbreak is causing a meaningful shift in the consumer basket and lower oil prices are unlikely to be the jet fuel for consumption that they would be in a more normal environment,” Bank of America also said in a note to clients.
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