Gas prices drop, Coronavirus gets partial credit in ‘unprecedented’ event

Coronavirus

FORT WAYNE, Ind. (WANE) – Gas prices have been dropping across the region and a combination of factors, including the spread of Coronavirus is getting credit. Stations across Fort Wayne have been cutting prices to less than $2.00 per gallon for unleaded.

“Not to be cliche, but this is pretty unprecedented, the Coronavirus is not something we’ve really experienced before having such a wide impact,” GasBuddy Petroleum Analyst Allison Mac told WANE 15. “People are limiting their driving, they’re limiting their travels and because of that, we’re seeing prices drop.”

As of Monday afternoon, the average price per gallon of unleaded in Allen County was at $2.10, with the cheapest stations listed at $1.91 and $1.93. GasBuddy’s experts anticipated the average to dip below $2.00 by the end of the week.

Recent moves by OPEC, Saudi Arabia and Russia have also contributed to the cheaper than normal prices per barrel.

“The world is being flooded with oil right now, at a time that we do not need it,” Mac added.

The trend is being seen across the country, but the Great Lakes region is seeing a steeper-than-the-rest drop, compared to a week ago.

It’s unclear when the cheaper gas prices will return to normal. According to GasBuddy, prices should be increasing the closer we get to spring and summer.

The Coronavirus situation “isn’t going to resolve itself anytime soon based on what we’re seeing, and because of that, prices will only continue to drop,” Mac said. “When will that end? I don’t know. We’re really following the stock market at this point and if things bounce back, then people will begin to travel again and live their lives the way pre-Coronavirus, then prices will go back up.”

Gasbuddy experts also suggest sanitizing the gas pump before filling up your car, in an effort to kill germs on the pump.

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