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The coronavirus, which has created a drop in demand since three-fourths of Americans are under "shelter in place" orders, has been attributed for the sudden price plunge. There is also an oil price war going on between Russia and Saudi Arabia that is heightening the decline.
As of Tuesday, according to AAA, the national gas price average is $1.99 -- with roughly 70 percent of gas stations across the country charging that or less. It expects prices to drop even more with the national average hitting $1.75 by the end of April.
“AAA expects gas prices to keep dropping as cheap crude combines with the realities of people staying home and less demand for gas,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $1.99 or less at 68% of gas stations in the country.”
Roughly two weeks ago the national average was $2.19 a gallon.
Oil prices have seen a serve drop since January, with crude dipping nearly 7 percent and finishing at an 18-year low of $20.09 a barrel on Monday. The effects of coronavirus around the world have had a devastating effect on energy demand. At the session low, oil hit $19.27 a barrel, which is the weakest intraday price since February 2002.