For the fourth straight week, the national average price of gasoline has fallen, plummeting 12.8 cents over the last week to $2.08 per gallon according to GasBuddy.
The average price of diesel, meanwhile, fell 6.5 cents to $2.66 per gallon. Gas prices have spent virtually all of March marching lower, with the drop continuing as the coronavirus destroys oil demand globally, said Patrick DeHaan of GasBuddy.
“There’s plenty more room for prices to drop,” said DeHaan, “putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated.”
Crude oil prices have continued to be under heavy selling pressure due to the coronavirus’ effects on global demand for products including gasoline, diesel and jet fuel.
A meeting March 5 by OPEC and Russia on how to stem the previous decline in oil resulted not in a production cut, but a feud between the two, with Saudi Arabia and Russia both saying they were going to raise oil production.