Hi Friends,
With a large portion of the US and Global population staying at home to avoid the coronavirus, demand for oil and gas has gone down. It would come as no surprise then that the lack of demand would drive prices down, and that is just what has happened.
Oil has dropped from over $50 per barrel a month ago to under $20 today (West Texas Intermediate), a decline of more than 60%. Here in California, I filled up a tank with regular unleaded gas this morning at $2.98 a gallon, which is about 25% lower than a month ago when it was near $4.00.
Obviously there are a lot of factors that go into the cost of a gallon of gas - federal taxes, state taxes, and the gas station needs to be able to cover the cost of gas, employees, maintenance on pumps, infrastructure, etc. Still, I was hoping to see gas lower given we have not been this low for a very long time, but I guess it is better than $5.00 per gallon.
What are the current gas prices where you live?
Thanks for coming by,
Brian
Note: free image courtesy of pixabay.com