Gas prices plunge below $2, likely to fall further during coronavirus

Gas prices plunge below $2, likely to fall further during coronavirus

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The national average price of gasoline has plunged below $2 per gallon, and the freefall is not likely to stop there.

With the coronavirus pandemic crunching the economy, a precipitous drop in the price of crude oil has sent gas prices plummeting at a time when they’re usually rising in the lead-up to the summer travel season.

The national average fell below $2 on Tuesday for the first time in four years, according to AAA. The national average of $1.997 was about 11 cents cheaper than a week ago and about 69 cents cheaper than a year ago.

AAA projected the national average would hit $1.75 or less in April.

Normally, prices like that would spark a travel binge.

But most drivers won’t be able to take advantage of it since a majority of Americans are under some form of stay-at-home order, limiting their driving to essential needs.

“Americans are staying at home at a time when they’d probably be filling up more and considering more road trips because of cheap gas,” AAA spokesperson Jeanette Casselano said. “They’re not necessarily reaping all the benefits of these savings at pump.”

Jacob Praska, Delavan,  was pleased with the price he paid to fill his tank at Fleet Farm in Delavan, Wisconsin, near I-43  and Highway 50, which is selling gasoline for .99 per gallon as gas prices drop during the coronavirus pandemic, Thursday March 26, 2020.  Rick Wood/Milwaukee Journal Sentinel ORG XMIT: 30100109A

Roughly 100,000 stations are charging less than $2 per gallon and 29 states are averaging less than $2, according to fuel-savings app GasBuddy, which tracks prices.

A few are even charging less than $1, including stations in Oklahoma and Wisconsin. The nation’s lowest price was 95 cents at a station in Wautoma, Wisconsin, according to GasBuddy.

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By Javier Manning

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