Now’s a great time to take a road trip thanks to lower gas prices!
Gas prices are expected to continue to fall, following the plunge in oil prices amid growing concerns over the coronavirus.
Stock market prices for crude oil and gasoline plummeted last week over worries COVID-19 concerns will reduce global demand for jet fuel and gas, according to the Associated Press.
“People across China are staying home rather than traveling, which is cutting demand for transportation fuels and reducing the fuel and electricity demands for industrial output,” Forbes reports.
“As the spread of the coronavirus induces panic on markets, oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead,” GasBuddy head of petroleum analysis, Patrick DeHaan, said in a statement. “Nearly every village, town and city in every state will see gas prices dropping — the pace may vary, of course — but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus.”
“Gas stations have plenty of room to drop prices,” DeHaan shared. “In some cases, nearly 25- to 35-cent drops over the next few weeks will happen.”