Coronavirus could drop gas prices below $2 a gallon nationwide

Coronavirus could drop gas prices below $2 a gallon nationwide

Prices are falling at the pump in Syracuse and around the nation, thanks to an oversupply of oil and growing fears about the impact of the coronavirus on the economy.

On Monday, March 9, oil prices were down about 20% after Saudi Arabia chose to increase supply in the global market in response to a price war with Russian Federation.

With what's happening in the global market, along with an expected decease in travel, gas prices have nowhere to go but down like a rock, said Patrick DeHaan, head of petroleum analysis for GasBuddy, in his weekly gas report. The national gas price average has not been this cheap since last February, according to AAA.

The average price for a gallon of gas is down nationwide as well, falling six cents to $2.38.

The statewide average gas price Monday was $2.43 a gallon, according to AAA.

Across Massachusetts, Boston had an average price of $2.44 a gallon, Barnstable and Cape Cod averaged $2.53 a gallon, Cambridge averaged $2.47 a gallon, Worcester County averaged $2.38 a gallon, and Pittsfield and Berkshire County averaged $2.40 a gallon.

"The trend of pump prices facing downward pressure is likely to continue through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus".

At this time of year, gas prices normally start going up because refineries begin to perform maintenance and are switching over to producing more expensive summer blends of fuel. Experts believe prices could even dip below $2 in some areas.

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