The Coronarvirus outbreak has led to a drop in gasoline prices. Petroleum analyst for gasbuddy.com Patrick DeHaan says the statewide average for a gallon of regular gasoline has fallen eight-cents over the last week and it stands at $2.15 a gallon because China is not using as much energy.
“For now dozens and dozens of flights have been canceled to China, more every day and with the ongoing crisis there, it’s reducing oil demand,” said DeHaan.
DeHaan says the price for a barrel of crude oil has dropped 10 dollars over the last few weeks and they are seeing dozens of service stations selling gas for under two dollars a gallon.
“Baton Rouge has the lowest price in the nation today, $1.83 at a CircleK station and there maybe more decreases to come at the pump,” said DeHaan.
DeHaan says it’s possible the statewide average could get down to two dollars a gallon.
He says there was a similar decline in energy demand during the 2003 SARS outbreak, but the fears over the spread of the Coronavirus is more intense.
“I think the rise of social media, the severity, the suddenness of the Coronavirus spreading has a lot of Americans kind of on edge, and certainly we’ve seen companies like American, United Airlines, British Airways cutting flights to China, said DeHaan.
