Gas hits 99 cents at Ky gas station amid pandemic

Gas hits 99 cents at Ky gas station amid pandemic

A gas station in Kentucky is offering fuel for less than one dollar a gallon.

Gas prices have only continued to decrease this week. He expects that the national average will soon drop between $1.99 per gallon with some states hitting $1 per gallon or less.

From Feb. 21 to March 13, the USA average retail regular-grade price declined 14.53 cents per gallon (CPG) to $2.3869, according to the most recent Lundberg Survey of US fuel markets.

Mississippi, Oklahoma and Tennessee have at least one gas station selling gas for under $1.30 a gallon.

The Kentucky state average for gas is $1.90 per gallon, according to DeHaan's firm.

He says we're in uncharted waters due to demand plummeting in light of the coronavirus situation, and yesterday (Wednesday) oil prices fell to their lowest level since 2002.

"The national gas price average is 13 cents cheaper on the week and almost 20 cents less than the beginning of the month".

Two-thirds of all USA states are experiencing double-digit price cuts this week, said AAA.

With more than 10,000 cases and 152 people having died from the novel coronavirus, demand could remain low for the foreseeable future. That's according to fuel price tracking company GasBuddy. This means very little need (demand) for oil.

Meanwhile, Russia and Saudi Arabia, two of the world's largest oil producers, are in a spat that's destabilizing the supply of oil.

Oil prices had been falling this winter as the economic damage from Coronavirus began sapping global oil demand. "Everyone, even California, is likely based on current markets to hit $1.99 or less with a handful of stations in the country at 99 cents".

Crude oil prices nosedived by 24 percent to $20 per barrel Tuesday, CNN reported. The last time an entire year averaged $1 or under was 1989.

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