Oil Prices are the Lowest They Have Been Since 2003, Gas Prices Plummet
Gas prices are plummeting in every town, city and state across the country. Demand for gasoline continues to fall at an alarming rate because more states are implementing shelter-in-place orders. Patrick DeHaan is the head of petroleum analysis at GasBuddy and he gave KGVO the current numbers.
“The average price in Missoula is down 22 cents per gallon in the last week, averaging $2.01 per gallon today,” DeHaan said. “Montana’s average is down 18 cents and it currently also stands at $2.01. The national average is down about eight cents in the last week and it stands at $1.95. Missoula and Montana have both done a lot to catch up and will probably see their prices fall under the national average.”
More than half of U.S. states are currently seeing average prices less than $2 per gallon. In the last week, 99 cent prices have shown up at various times in a handful of states and more could join in the days and weeks ahead. According to DeHaan, motorists shouldn’t be in any rush to fill up their tanks.
“I would expect prices to continue falling, perhaps not another 20 cents, but maybe another 5 to 15 cents in the next week,” DeHaan said. “Oil prices are struggling today. They are holding at about $20 per barrel, which are some of the lowest levels we have seen since 2003. Gas prices have no where but down to go.”
The last time the national average has been this low was March 23, 2016, caused by a crash in the oil market. During that period, the national average stayed below $1.99 for nearly three months.