SAVANNAH G.a., (WSAV) – Prices at the pump are lower than they’ve been in a while — some falling below $2 per gallon.
Coronavirus concerns are putting a damper on the stock market, ultimately leading to countries, like Saudi Arabia, to slash their oil prices. As a result, oil prices in the United States have plunged by 25 percent.
According to the American Automobile Association, the national gas price average has been the lowest its been since last February. Due to fewer people traveling both internationally and domestically, less people are at the pump.
Georgia Southern Economics professor, Richard McGrath, says that as long as travel is down and the fear of the outbreak is high, gas prices will stay low.
“The prices have come down they’re going to stay down as long as the virus dampens travel. When the travel comes back we’ll see the prices recover. That’s really about what it comes down to.”
McGrath says the trend of pump prices falling is likely to continue if crude oil remains cheap.