The ongoing oil market price war between Russia and Saudi Arabia, along with the coronavirus, could result in gas prices dropping below $2 on average across the United States.

"Should trends continue the way they are, there's a possibility we could see the national average hit $2 in the next coming weeks," AAA spokeswoman Jeanette Casselano told NPR.

On Friday, gas was spotted for as low as $1.36 in Oklahoma. That same day, gas dropped below $2 on average in Texas.

The coronavirus has caused Chinese demand for oil to drop, causing a shift in the oil market. Russia and Saudi Arabia have disagreed on whether they should cut oil production, resulting in a price war, with both nations racing to compete for market share. Riyadh has boosted production and slashed prices in order to attract buyers.

Although the lower prices will help consumers, it could hurt states such as Texas, which heavily rely on oil.

"The non-energy part of the Texas economy has been growing so strongly," Robert Dye, Comerica's chief economist, told the Northwest Arkansas Democrat-Gazette news outlet on Friday. "That is a major stabilizing force."

President Trump has instructed the Department of Energy to buy oil for the nation’s strategic petroleum reserve, which would help the U.S. oil industry. The longer the coronavirus pandemic continues, the more it could dramatically impact oil prices and the world economy as a whole.

RELATED STORIES
Coronavirus Trump Russia