Gas Prices Falling amid Coronavirus Outbreak, 'Oil Price War'

In any other time, what is currently happening with gas prices would be the major economic news.

As coverage of the Chinese coronavirus swamps every newspaper, cable news channel, and news website, the price at the U.S. pump continues to fall.

Patrick DeHaan, an analyst with GasBuddy, told Breitbart News the falling gas prices are the result of the virus and a price war between Saudi Arabia and Russia.

“Expect gas prices to continue moving lower for several weeks as a result of the entire situation,” he said.

The “situation” is the result of a clash between Saudi Arabia and Russia.

“We are likely heading into an oil price war,” DNB Markets senior oil analyst Helge André Martinsen wrote last week, according to USA Today.

Saudi Arabia has increased oil production “after Russia refused to sign on for a broader OPEC cut in oil production,” the paper reported. A decline in travel will lead to less demand, further driving down gas prices for American consumers.

The lowest average for a gallon of regular unleaded in the nation is $1.82 in Tulsa, Oklahoma, Tulsa World reported.

The highest is $3.45 per gallon in Honolulu, Hawaii.

Michigan drivers are now paying an average of $2.04 a gallon, according to Local 4. That’s a drop of 20 cents in the last week , and 38 cents lower than a month ago.

In Buffalo, New York, gas prices are down 6 cents from last week, to an average of $2.45, WKBW reported.

GasBuddy found prices in Idaho are down 4 cents to $2.47 on average, according to ABC 8.

The Richmond Times-Dispatch reported the cost for a gallon in the Virginia capital area fell 9 cents to an average of $2.02, .

“Florida gas prices dropped an average of 22 cents in the past 18 days,” NorthEscambia.com reported. “The state average of $2.17 per gallon is 11 cents less than a week ago, 44 cents less than this time last year, and 39 cents less than the highest price so far this year.”

According to AAA, 11 percent of gas stations in Florida have a gallon of gas under $2.

“The number of stations selling gasoline under $2/gal has risen to nearly 40,000, up from 15,000 a week ago, while retail prices have collapsed to as low as $1.24/gallon in Oklahoma City last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost,” DeHaan said.

Kyle Olson is a reporter for Breitbart News. Follow him on Twitter at @KyleOlson4.