Economy

You (probably) ain't going nowhere while gas prices are down

You (probably) ain't going nowhere while gas prices are down”

AAA Mid-Atlantic reports Virginia's average gas price has fallen to $1.95 a gallon for regular. The last time gas prices were below $2 for Virginia was in November of 2016. The average cost at the priciest 10% of stations stands at $3.03 per gallon, while the lowest 10% average $1.59 per gallon.

For the first time in years, the price of gasoline in Metro Vancouver has dipped under a dollar per litre. Wholesale prices for unleaded gasoline are down almost 60%. Many drivers are paying much less than the state average with communities seeing gas prices in the $1.60-$1.90 range.

Gasbuddy.com shares the top ten lowest gas prices in Vancouver right now.

South Jersey gas average at $2.19 today, down a penny overnight and down 9 cents in the last week.

"This is unprecedented", Tom Kloza, head of energy analysis for the Oil Price Information Service, told CNN Business. Gasbuddy says for the better part of 2020, prices will be some of the lowest we've experienced in a while. Pump prices continue to decline around the country as oil prices have decreased significantly in response to the increasing public health and economic impact of COVID-19 and the crude price war between Russian Federation and Saudi Arabia. Saudi Arabia opened the crude oil valve after a dispute with Russian Federation over production cuts. American oil barrels are down to their lowest price since February 2002. Crude oil accounts for almost 60% of the retail pump price.



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