Could $1 Gas Sweep the Nation?
More than 400 stations were selling gasoline for less than a buck this week.
Apr 17, 2020 | 2 min read
WAUTOMA, Wis.—At the Casey’s in Wautoma, Wis., a gallon of regular gasoline is selling for 92 cents a gallon, CNN Business reports. “If I was a betting man, I would have bet a large amount of money we'd never see gas for less than a dollar again,” said manager Dan Salaja.
About 425 stations out of 130,000 were selling gas for less than a buck earlier this week, according to Oil Price Information Service (OPIS) data. That’s up sharply from about 100 stations last week. Approximately 1,300 stations have gas hovering near the dollar mark. Most of the remaining 75% of U.S. service stations are posting gas prices for under $2. AAA registered the national average at $1.84, a significant drop from $2.26 a month earlier.
“Gasoline prices in the United States are going to move lower the rest of this month and into May,” said Tom Kloza, chief oil analyst for OPIS. “I'd say there’s a 50-50 chance we hit $1.25 as a national average.”
Oil prices have declined across the world because of the coronavirus pandemic shutdown. But cheap gas hasn’t corresponded with an increase in demand. “Sub-$2 or sub-$1 gas will not bring back the Sunday drive or commuting,” Jeff Lenard, NACS vice president of strategic industry initiatives, told CNN.
Gasoline Prices
