Gas Price Analyst Suggests Some States Could See Prices at the Pump as Low as 99 Cents/Gal. in Coming Weeks

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The novel coronavirus, also known as COVID-19, seems to be affecting almost every aspect of everyday life. So, it would go without saying that prices of some goods, services and necessities would be either positively or negatively affected by both the severity and the duration of the virus.

The prices at the gas pump are one of those things that's apparently being affected.

Patrick De Haan, and "oil and refined products analyst" and analyst for GasBuddy.com - a website that tracks gas prices around the U.S. and Canada, has predicted that the national average for gas prices could soon be around $1.99 and possibly even $1.49, depending on how long the virus affects the marketplace.

One point in particular that De Haan made on Twitter Tuesday afternoon was that prices in some places could go as low as 99 cents a gallon.

 

According to Fox News, who first reported on the possible dropping of gas prices:

The last time prices dropped below $1.60 was in December 2008 during the financial crisis, after falling from a July high of $4.10.

The current plummeting prices are due to a perfect storm of a recent increase in production in Saudi Arabia and Russia and the dramatic decrease in demand caused by measures to control the spread of the coronavirus (COVID-19) around the world.

Last week, President Donald Trump even spoke about how gas prices will "be coming way down."

"So with gasoline prices coming down, that's like a tax cut," Trump said on March 12th. "Frankly, that's like a big tax cut, not a little tax cut for the consumer."

For video of Trump's comments from last week, watch below:

 

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