Stunning Price Change Over Coronavirus

Stunning Price Change Over Coronavirus

( – COVID-19 is having a massive impact on prices at the pump. People are staying home to prevent the spread of the highly contagious virus. That means, for the second week in a row, gas inventories increased as non-essential businesses are closing around the country.

Prices at the pump are collapsing. In some states, gasoline is selling for less than $1 per gallon. For the week ending April 3, gasoline demand dropped 48% versus the same time a year ago and is 24% lower over the prior week. It’s the lowest demand for gas recorded since January 1969.

Unfortunately, many Americans can’t take advantage of low fuel prices right now. This isn’t exactly the best time to plan a road trip. The good news is that inventories are so high that prices are likely to remain low for an extended amount of time.

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