The average price of a gallon of gas has fallen below $2 in the US -- the lowest price in four years, according to AAA
The plunge can be attributed to the ongoing coronavirus pandemic, which has wiped out demand as people are increasingly told to shelter at home. The ongoing oil price war between Russia and Saudi Arabia has exacerbated that decline.Not even two weeks ago, the price of a gallon of gas was $2.19, but could be purchased for $2 or less in about a dozen of states. Today, drivers can find a gallon of gas for $1.99 or less at roughly 70% of US gas stations, AAA said.
Kloza, however, predicts they will continue to drop beyond that, to between $1.25 to $1.50 per gallon in the next few months. Read MoreOil prices have been declining steadily this year. US crude plunged nearly 7% and finished at an 18-year low of $20.09 a barrel Monday as the coronavirus continues to deal a devastating blow to energy demand. At session lows, oil touched $19.27 a barrel -- the weakest intraday price since February 2002.
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