Coronavirus Concerns Cause Gas Prices to Drop Across the U.S.
Gas prices are dropping all across the U.S. due to concerns surrounding the coronavirus. Patrick DeHaan is the head of petroleum analysis at GasBuddy and he says prices in Missoula continue to fall.
“The average price in Missoula is down about three cents per gallon in the last week, currently averaging about $2.33 per gallon,” DeHaan said. “Statewide, the average price is down about a penny in the last week and it stands at $2.39. Prices in Missoula continue to lead some of the lowest in the state. A couple stations in Missoula are as low as $2.22 per gallon.”
The national average price of gas has fallen about six cents per gallon in the last week, averaging $2.41. According to DeHaan, prices should remain in a downward trend for the foreseeable future.
“Gas prices will follow the coronavirus situation,” DeHaan said. “If things worse with the coronavirus, gas prices may continue to go down. If things improve, we could see the opposite. Oil demand is really tied to the fate of what happens with the coronavirus. We have seen it lock down schools, businesses, and work. That means there is lower oil demand. If a lot of things are shut down, we tend to stay closer to home. That will reduce oil demand and prices.”
DeHaan says gas stations have plenty of room to drop prices and there could be approximately 25 to 35 cent drops in some cases over the next few weeks.