The plunge can be attributed to the ongoing coronavirus pandemic, which has wiped out demand as people are increasingly told to shelter at home. The ongoing oil price war between Russia and Saudi Arabia has exacerbated that decline.Not even two weeks ago, the price of a gallon of gas was $2.19, but could be purchased for $2 or less in about a dozen of states. Today, drivers can find a gallon of gas for $1.99 or less at roughly 70% of US gas stations, AAA said. "This is unprecedented," Tom Kloza, head of energy analysis for the Oil Price Information Service, told CNN Business at the time. AAA said in a press release Tuesday that it expects gas prices to fall to $1.75 or less in April. Kloza, however, predicts they will continue to drop beyond that, to between $1.25 to $1.50 per gallon in the next few months. Oil prices have been declining steadily this year. US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus continues to deal a devastating blow to energy demand. At session lows,Read More – Source
The plunge can be attributed to the ongoing coronavirus pandemic, which has wiped out demand as people are increasingly told to shelter at home. The ongoing oil price war between Russia and Saudi Arabia has exacerbated that decline.Not even two weeks ago, the price of a gallon of gas was $2.19, but could be purchased for $2 or less in about a dozen of states. Today, drivers can find a gallon of gas for $1.99 or less at roughly 70% of US gas stations, AAA said. "This is unprecedented," Tom Kloza, head of energy analysis for the Oil Price Information Service, told CNN Business at the time. AAA said in a press release Tuesday that it expects gas prices to fall to $1.75 or less in April. Kloza, however, predicts they will continue to drop beyond that, to between $1.25 to $1.50 per gallon in the next few months. Oil prices have been declining steadily this year. US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus continues to deal a devastating blow to energy demand. At session lows,Read More – Source
