Gas prices plummet to lowest level in four years from COVID-19

FILE – In this Sept. 17, 2019, file photo, a gas pump reflecting current prices is seen in Orlando, Fla. On Thursday, Feb. 13, 2020, the Labor Department releases Consumer Price Index for January. (AP Photo/John Raoux, File)

by: Patrick Cunningham

Posted: Mar 26, 2020 / 12:30 PM CDT

Updated: Mar 26, 2020 / 12:30 PM CDT

TYLER, Texas (KETK) – Gas prices are continuing to plummet throughout Texas due to a sharp drop in demand from the spread of COVID-19.

According to AAA Texas, the average price of gas in the state is just $1.80, the lowest level since 2016. This price is also 11 cents lower than just seven days ago.

Gas prices are dropping at a time of year when they normally increase as the weather warms up and motorists would typically head out to enjoy spring break.

Demand for both crude oil and retail gasoline continues to decrease as fewer drivers are out on the road, causing gas prices to drop to levels not seen in four years. The primary factors are concerns about coronavirus keeping people home plus Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers still have disagreements about future production figures.”
Daniel Armbruster, AAA Texas spokesman

Despite the low prices, there is no need for a rush to the pump to take advantage. There is currently ample fuel supply throughout the country and there is no expected disruption of distribution.