Gasoline Prices Drop To 99 Cents As Americans Stay Home Amid The Coronavirus Crisis

With more Americans confined to their homes due to stay-at-home orders because of the coronavirus crisis, gasoline prices are falling dramatically.

In some states, gasoline can be found for as low as 99 cents a gallon, with the national average hovering at $2.12, according to the American Automobile Association (AAA). Crude oil is the biggest mover of gasoline prices, and in the last week it has dropped below $22 per barrels – a low that has not been seen since 2002, the association said.

“Typically gas prices start to trend more expensive at the beginning of spring, especially as motorists get out to enjoy the warmer weather and travel for spring break. That is not the case this year,” Nick Jarmusz, director of Public Affairs for AAA – The Auto Club Group said in a statement.

“With Americans urged to stay at home and practice social distancing to slow the spread of coronavirus, we are seeing less traffic on the roadways which will ultimately drive down demand, increase gasoline supply and push pump prices less expensive for the foreseeable future.”

States in the Great Lakes and Central region of the U.S. have reportedly seen double-digit decreases on the week with regional refineries slowing their production by 2% to 85%.

States such as Alabama, Arkansas, Delaware, Georgia, Iowa, Indiana, Kansas, Kentucky, Louisiana, Maine, Michigan, Minnesota, Missouri, Mississippi, North Carolina, North Dakota, Nebraska, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Virginia, and Wisconsin, all have seen gasoline prices under $2 as of recent with many states now seeing even lower prices at the pump, according to AAA data.

The association expects gasoline prices to go even cheaper in the weeks ahead as demand continues to decrease, and crude oil prices decline further.