Gas Price Drops Below A Dollar At One Gas Station

Gas Price Drops Below A Dollar At One Gas Station

Gas Price Drops Below A Dollar At One Gas Station

GasBuddy says they confirmed Thursday morning that a BP station in London, Kentucky has lowered its price to.99 cents.

Regardless, falling gas prices are the result of a significant decrease in demand as more people limit their time away from home in the wake of the coronavirus pandemic.

However, because the two countries couldn't come to an agreement, a price war broke out, leading to the biggest-single-day drop in oil prices since 1991 on March 9.

He said Tuesday eight states already have locations with prices at lower than $1.49 per gallon.

Just six years ago, in 2014, the national average price per gallon for regular gasoline in the U.S. was $3.37, according to Vehicle Technologies Office at the U.S. Department of Energy.

At the close of Friday's formal trading sess.

One station in the Harrisburg region is selling gas for $1.99 a gallon - a Sunoco station at North Front Street and Houser Road. That's according to fuel price tracking company GasBuddy.

The national average price will probably decline further - perhaps to between $1.25 to $1.50 per gallon - in the next few months, he said. The coronavirus has caused countries to be in lockdown, limiting driving, flying and overall movement in order to contain the spread.

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.

Gas prices are highest, on average, in Hawaii and California.

That hasn't happened nationwide since 1999, when US crude oil cost less than $15 a barrel, according to the Wall Street Journal.

"During this uncertain time of COVID-19, gas prices are declining despite increasing gasoline demand and decreasing US stock levels", read AAA's report. The continuing turmoil was evident Wednesday in other markets as well. The global Brent benchmark fell to just above $25 a barrel, a level just below January 2016. The last time an entire year averaged $1 or under was 1989.

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