(AmericanProsperity.com) – COVID-19 is having a massive impact on prices at the pump. People are staying home to prevent the spread of the highly contagious virus. That means, for the second week in a row, gas inventories increased as non-essential businesses are closing around the country.
Wow… what's the last time you saw gas anywhere for 68 cents a gallon? News 4's George Richert took this at Allegany Gas & Smokes in Salamanca. He'll have a look at gas prices on News 4 at 4 p.m. and 6 p.m. pic.twitter.com/xZtUEodt0w
— News 4 Buffalo (@news4buffalo) April 10, 2020
Prices at the pump are collapsing. In some states, gasoline is selling for less than $1 per gallon. For the week ending April 3, gasoline demand dropped 48% versus the same time a year ago and is 24% lower over the prior week. It’s the lowest demand for gas recorded since January 1969.
Unfortunately, many Americans can’t take advantage of low fuel prices right now. This isn’t exactly the best time to plan a road trip. The good news is that inventories are so high that prices are likely to remain low for an extended amount of time.
~Here’s to Your Prosperity!
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