Gas prices have fallen to their lowest levels in four decades as a number of U.S. gas stations have dropped their prices to less than $1 per gallon.
While only 10 percent of the country’s stations are selling gas for less than $1, another 75 percent are charging less than $2.
The average price in the U.S. is currently $1.84 per gallon, down from $2.26 just a month ago — and a full dollar cheaper than this time last year. What’s more is experts say the price is going to keep going down.
The reason for the drop is the coronavirus pandemic, which has caused global oil consumption to plummet, says Tom Kloza, chief oil analysis for OPIS.
“Gasoline prices in the United States are going to move lower the rest of this month and into May,” he says. “I’d say there’s a 50-50 chance we hit $1.25 as a national average.”