The U.S. national average for gasoline has fallen to $1.99 per gallon, the first time since March 23, 2016. Gasoline prices have continuously dropped nationwide since February 20, 2020 as the coronavirus crushes the demand for oil and lockdowns reduce driving and keep Americans home.
More than half of U.S. states are currently seeing average prices less than $2 per gallon. In the last week, 99 cent prices have shown up at various times in Kentucky, Tennessee, Oklahoma, Wisconsin and Missouri and more could join in the days and weeks ahead. An additional drop of 25-65 cents is possible in most states, while West Coast states, including California, could see prices drop 50 cents to a dollar per gallon over the next few weeks.
The national average could even dip to $1.49 by mid-April, the lowest since 2004, with potentially hundreds of stations pushing their price to 99 cents per gallon for the first time since the early 2000’s.