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‘Mind-blowing’ prices at the gas pump continue to fall as coronavirus leads to lower demand

Man accused of swindling 35 ,000 gallons of gas

Decarlos Butler bought the gasoline, which is the type sold at gas stations, on credit and sold it at a lower price, said prosecutors. He never paid back the supplier or transportation company, they said.

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Prices at the gas pump are in falling rapidly as cases of coronavirus continue to climb.

According to GasBuddy.com, there is one station in the United States selling gas for 57 cents a gallon.

Patrick DeHaan, the head of petroleum analysis for GasBuddy.com, says, “Such a large decline at this time of year is mind-blowing, as gas prices have risen in all but one year in the last ten during spring.”

DeHaan said, "It's coming true - gas prices are plummeting in every town, city and state with the national average seeing one of its biggest weekly declines in the last decade, The number of stations selling gasoline under $2/gal has risen to nearly 40,000, up from 15,000 a week ago, while retail prices have collapsed to as low as $1.24/gallon in Oklahoma City last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost. The root cause continues to be coronavirus related, since demand for oil slumped globally, inducing the current price war between Russia and Saudi Arabia as they both raise output, causing oil prices to crash through the floor.”

But DeHaan cautions that it won’t last forever.

“All good things may not last forever, however, as rumors swirl that Russia and Saudi Arabia are holding high level talks to reign in the collapse in oil prices, which could eventually end the party at the pump."

In the Harrisburg area gas prices have fallen 14.7 cents a gallon in a week. The average price today is $2.39 a gallon. That is almost 20 cents lower than a month ago and 29 cents lower than a year ago.

The lowest price in the Harrisburg area is $2.16 at Sam’s Club in Silver Spring Twp.

The national average price has fallen 14 cents a gallon in the past week, averaging $2.22 today – 32 cents lower than a year ago.

CORONAVIRUS CASES IN PA.

Hover your mouse or tap a county to see the exact number of cases per county. Municipalities, when known, are indicated by a blue pin. Tapping the pin will tell you what we know about the case.


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