There is some positive news in the middle of everything happening with the coronavirus...gas prices are dropping DRAMATICALLY!
GasBuddy.comanalyst Patrick De Haan said on Monday that the national average could soon hit $1.99, with $1.49 on the horizon and some stations potentially pricing a gallon of regular as low as 99 cents.
The last time prices dropped below $1.60 was in December 2008 during the financial crisis, after falling from a July high of $4.10.
The current plummeting prices are due to a perfect storm of a recent increase in production in Saudi Arabia and Russia and the dramatic decrease in demand caused by measures to control the spread of the coronavirus (COVID-19) around the world.
The U.S. average hit $2.24 on Tuesday, down $.20 from a month ago, with Oklahoma prices the lowest at $1.84 and Hawaii highest at $3.47.Ten statescurrently have prices below $2.00.
Source:Gas Buddy
Photo: Getty Images