Gas prices fall below $2 a gallon in 12 states

Gas prices keep plummeting amid coronavirus pandemic

Top Story Gas prices keep plummeting amid coronavirus pandemic Gas prices falling amid coronavirus pandemic

In Kentucky, prices at one gas station hit a low of just 99 cents, WTVF reported.

AAA noted gas price averages in 35 states decreased by double-digits, pushing the national average to $2.25, the cheapest price point of the year.

GasBuddy had been anticipating this price could pop up in the Great Lakes states a week or so prior.

Gas prices in many parts of the US are going down amid the COVID-19 pandemic.

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One station in the Harrisburg region is selling gas for $1.99 a gallon - a Sunoco station at North Front Street and Houser Road.

GasBuddy found that, nationwide, gas prices have hit $2.14 a gallon. That's down 13 cents from a week ago and 36 cents lower than a year ago.

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

COVID-19 is playing a large role in the substantial decreases in gas prices, according to Gas Buddy.

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"During this hard time we would like to give back to our COMMUNITY by offering LOWER FUEL PRICES at.99 cents for UNLEADED, as long as we can", the post reads.

Still, the plummeting oil demand is a warning sign for the rest of the global economy. Due to the lack of demand, two of the biggest oil-producing countries in the world, Saudi Arabia and Russian Federation, met to discuss plans to cut back on oil production in hopes of stabilizing prices.

"We haven't seen a demand event like this in history", Saad Rahim, chief economist at oil trade group Trafigura Group told Bloomberg. "However, the announcement is unlikely to help increase crude prices further since the limited number of barrels the USA could purchase is small when compared to the dramatic reduction in global crude demand as a result of reduced economic activity due to COVID-19", AAA said.

USA oil prices fell 24% on Wednesday to $ 20.37 a barrel. Oil prices are more than 60% below where they were at the beginning of the year, according to The New York Times. It's the lowest it has been since 2002, she said.

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