All Gassed Up and Nowhere To Go

by | Apr 16, 2020

The number of gas stations with dropping gas prices is increasing quickly.

  • 1,300 stations across the US are at $1.05 a gallon or less
  • 75% of the nation’s stations are selling gas for less than $2 a gallon

The ’90s called. They want their gas prices back. According to AAA, the national average is currently at $1.84, which is down from $2.26 only a month ago.

“Gasoline prices in the United States are going to move lower the rest of this month and into May,” said Tom Kloza, chief oil analyst for OPIS. “I’d say there’s a 50-50 chance we hit $1.25 as a national average.”

With most of the country and much of the developed world on shutdown due to the coronavirus pandemic, oil consumption has plunged worldwide, taking oil prices along with it. But even low prices probably won’t be enough to spur demand.

While cheap gas prices have been beneficial for some consumers, it still has left many all gassed up and nowhere to go.

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