Gas prices continue to drop, due to coronavirus fears. GasBuddy Head of Petroleum Analysis Patrick DeHaan says the spread of the virus has halted a lot of travel to affected areas.
“So the risk here with the spread of coronavirus is that it will curb oil demand,” he explains. “And so on that news, oil prices have plummeted in the last few weeks, and that is starting to show up in the form of lower gas prices.”
DeHaan says it wouldn’t be impossible to see prices could drop below two dollars a gallon at many of Indiana’s gas stations. “In fact, at some stations in Indiana, prices are already there,” he notes. “Several stations in Indianapolis are at $1.97. And though the statewide average is $2.28, I would expect that nearly every station will see prices falling over the next five days or so.”
But with the stock market and oil prices heading back up Monday, he cautions that it may be a bumpy road ahead for gas prices. “We’ll have to watch this, but with the situation continuing to unfold, I think the next couple of weeks will be a roller coaster at the gas pump,” DeHaan says.
GasBuddy reports that the average price for a gallon of gas in Indiana dropped by over nine cents over the past week.
