UNPRECEDENTED DROP IN GASOLINE PRICES ACROSS THE USA

(03/20/2020)

Gasoline prices are falling across the country, with a dozen states now averaging less than $2 a gallon for regular, according to AAA. Despite a glut of oil for several years, the price has been kept high, defying the rule that costs are based on supply and demand. Nationally, the average is $2.19 – the lowest its been since Dec. 2016. Prices are down 13 cents in the last week. “This is unprecedented,” Tom Kloza, head of energy analysis for the Oil Price Information Service. He believes the national average price will probably decline further, perhaps to between $1.25 to $1.50 per gallon, in the next few months. Over the last month, light crude oil prices have dropped more than 50%. Wholesale prices for unleaded gasoline are down nearly 60%. .

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