Gas prices dropped below $2 a gallon at the end of March and are expected to fall even further in April, according to two gasoline trackers. Some drivers may even find prices for less than a $1 in some states.
American motorists paid an average of $1.99 per gallon at the pump, the lowest point in four years, according to both AAA and GasBuddy. AAA forecasts the national average to drop to $1.75 per gallon in April, while GasBuddy expects a steeper decline to $1.49 a gallon by mid-April.
Demand for gasoline is weak as many U.S. states take drastic steps to keep residents at home and as the federal government bans international travel to combat the COVID-19 global health crisis. An ongoing crude oil price war between Saudi Arabia and Russia is also depressing oil and gas prices.
“This is an unprecedented event. We’re experiencing one of the biggest historical collapses in gas prices, including the Great Recession of 2008,” said Patrick DeHaan, head of petroleum analysis for GasBuddy, in a release. “World demand for oil plummeted virtually overnight, while domestic demand continues to fall off a cliff with more states implementing shelter-in-place orders.”
Compared to March 31 of last year, the national average gas price for regular is down 69 cents from $2.692, according to AAA.
In the last week, GasBuddy found that some gas stations are offering 99 cents per gallon in Kentucky, Tennessee, Oklahoma, Wisconsin, and Missouri. The tracker of real-time fuel prices expects pump prices to drop 25 cents to 65 cents in the coming few weeks.
Every state’s price average is less than $3 per gallon with two outliers: Hawaii ($3.36) and California ($3.05), according to AAA. Twenty-nine states have regular gas price averages under $2, with Oklahoma ($1.55) having the cheapest in the country. See where your state ranks, according to AAA.
$3.36 to $2.32
$2.32 to $2.03
District of Columbia
$2.02 to $1.89
$1.89 to $1.75
$1.75 to $1.55
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