CINCINNATI (FOX19) - Ninety-nine cents for a gallon of gas is “a strong possibility” as the national average price continues to drop, says a report from GasBuddy.
As of Monday, the average price for a gallon of gas is $2.08; down 12.8 cents from last week, the report says.
Because of the coronavirus’s effects on global demand for products - including gasoline, diesel, and jet fuel - crude oil prices have continued to be under heavy selling pressure, GasBuddy says.
“Gas prices have spent virtually all of March marching lower, with the drop continuing as the coronavirus destroys oil demand globally, leading to the lowest oil prices we’ve seen in 18 years, paving the way for still an additional 35-75 cent per gallon drop at most stations in the weeks ahead,” said Patrick DeHaan, head of petroleum analysis for GasBuddy. “I don’t think I’ve ever seen such a collapse in prices, even including the Great Recession. What we’re witnessing is easily going to go down as the great collapse in oil demand, and for motorists hurrying to fill up today, they’re wasting their money as prices will continue to drop in the days ahead. Gas stations are passing along the drop several weeks behind, and there’s plenty more room for prices to drop, putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated. This is truly an unprecedented turn of events.”
Here are some other key takeaways from the GasBuddy report:
- More than one in four gas stations in the country have prices under $2/gallon.
- Five percent of stations have prices under $1.75/gallon.
- Most common price for a gallon is $1.99
- Median U.S. price is $1.97 per gallon
According to AAA, on March 23, the average price for a gallon of gas in Ohio is $1.78, for Kentucky its $1.85, and for Indiana it’s $1.83.
GasBuddy says the decline at gas pumps has been so significant it rivals the drop seen during the Great Recession.
GasBuddy is a travel and navigation app whose mission is to provide drivers with better gas mileage.