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

News

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.

El Paso has a current average of $1.79, which is approximately 69 cents lower than this time last year, and about 2 cents lower than one day 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.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Coronavirus Quiz