Published: Mon, March 23, 2020
Markets | By Otis Pena

Gas Price Drops to 99 Cents, Sells out at Kentucky Station

Gas Price Drops to 99 Cents, Sells out at Kentucky Station

On Monday, the price for an average gallon of gas in Virginia stood at $2.06, a 10-cent drop since last week and a 28-cent decrease from past year, according to information provided by AAA Tidewater Virginia.

But what about the low gas prices - like, real low?

One commenter on the GasBuddy listing stated the gas station is known for its cheap prices.

The national average price will likely drop further - perhaps between $ 1.25 and $ 1.50 per gallon - in the coming months, he said. They have a lot less incentive to take advantage of the lower gas prices as the Coronavirus threat has led to a virtual public shutdown and a mass migration to work-at-home.

At the close of Friday's formal trading sess.

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China, which is the world's second-largest consumer of oil behind the United States, saw its demand plummet amid the height of the coronavirus outbreak there. "AAA expects gas prices to continue trending cheaper, with the high likelihood of the national average hitting $2 per gallon before the end of March", she said.

Gas prices are lowest in Oklahoma and Missouri, according to GasBuddy.com. Due to the lack of demand, two of the biggest oil-producing countries in the world, Saudi Arabia and Russian Federation, met to discuss plans to cut back on oil production in hopes of stabilizing prices.

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

That hasn't happened nationwide since 1999, when US crude oil cost less than $15 a barrel, according to the Wall Street Journal. The continuing turmoil was evident Wednesday in other markets as well.

Crude oil prices nosedived by 24 percent to $20 per barrel Tuesday, CNN reported. Another reason for the falling prices is lowered demand from core industries; fewer planes, cruise ships, and factories are functioning at typical levels.

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