Over the past three weeks, when China largely shut down and fewer people traveled, gas prices in the USA have fallen 6 cents per gallon.
The lower price of crude oil, which gasoline is made from, translates into lower prices at the pump.
Southern states such as Mississippi, Louisiana and Texas pay the least for gas: Per gallon averages hover around $2.01. The West Coast pays the most. The average in California and Washington sits just above $3. Distance from supply, taxes and retail competition contribute to regional price differences. Per gallon prices have fallen in nearly every state, according to Gasbuddy.Geopolitics and the switch to summer blends could cause prices to rise, though by how much is partly dependent upon how long and how widespread coronavirus becomes.
The world’s top oil-producing nations, OPEC, will consider making production cuts to lift prices in the wake of the coronavirus crisis as early as this week, Reuters reported. The Federal Reserve’s rate cuts could also affect the market, DeHaan said. “If this does continue to spread and the overall mood remains negative, then gas prices will continue to decline,” DeHaan said. “Gas prices are very much tied to the future of coronavirus.”
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