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Gas prices drop to lowest level since 2002

Coronavirus-brings-rising-gas-prices

IDAHO FALLS, Idaho (KIFI/KIDK)-As the Coronavirus destroys oil demand, the world is seeing the lowest oil prices in 18 years, according to GasBuddy.

The consumer watchdog group believes gas prices will drop another 35 to 75 cents per gallon in the weeks ahead.

"I don't think I've ever seen such a collapse in prices, even including the Great Recession," said GasBuddy head of petroleum analysis Patrick DeHaan. "What we're witnessing is easily going to go down as the great collapse in oil demand, and for motorists hurrying to fill up today, they're wasting their money as prices will continue to drop in the days ahead. Gas stations are passing along the drop several weeks behind, and there's plenty more room for prices to drop, putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated. This is truly an unprecedented turn of events."

Idaho gas prices have fallen 6.5 cents per gallon in the past week, averaging $2.41 Monday morning. According to GasBuddy, those prices are 9.6 cents per gallon lower than a month ago and 1.2 cents per gallon lower than a year ago.

The national average price is $2.08 per gallon, which is down 38.5 cents per gallon from a month ago.

You can track daily gas prices here.

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