Gas pump prices are dropping across the country amid the COVID-19 outbreak that has caused oil prices to drop and gas prices to follow suit, according to reports from GasBuddy and AAA.
AAA said that as crude oil prices trend lower, people across the country are seeing gas prices plummet. Gas prices in 35 states saw a double-digit decrease, setting the national average to $2.25, the cheapest price point of the year.
“These are significant decreases in just seven and 16 days,” said Jeanette Casselano, AAA spokesperson. “AAA expects gas prices to continue trending cheaper, with the high likelihood of the national average hitting $2/gallon before the end of March.”
AAA said that amid the COVID-19 outbreak, gas prices are declining despite increasing gasoline demand and decreasing U.S. stock levels.
According to the AAA report, Ohio, Kentucky and Indiana were included in the top 10 largest weekly decreases. Kentucky and Indiana were also included in the top 10 least expensive markets.
Officials with GasBuddy said a month ago their petroleum analyst noticed the first signs of gas prices dropping, and now people across the country have noticed prices remarkably low.
GasBuddy said since the demand for oil has dropped, though the supply remains high, that has caused gas prices to drop.
GasBuddy confirmed the first U.S. gas station that has lowered its price to 99 cents per gallon is at a BP station in London, Kentucky.
COVID-19 has caused countries to be in lockdown, limiting driving, flying and overall movement in order to contain the spread. This means very little need or demand for oil, GasBuddy said.