Vermont Business Magazine If you're looking for a little good news during this difficult time dominated by the coronavirus, gasoline prices have fallen, and in some places dramatically so. In Vermont, the lowest price reported on the vermontgasprices.com website (GasBuddy app) is Cunningham's in Canaan, which is down to $1.98 a gallon. The average statewide price is $2.34 a gallon, down 10 cents from a week ago and nearly 20 cents less than this time last year.
The first station in nation to fall to 99 cents per gallon is here: GasBuddy has confirmed at 6:20am CT that a BP station in London, Kentucky has lowered its price to 99 cents per gallon, according to a cashier who answered the phone and also GasBuddy users who reported the price to GasBuddy app.
The station is the first in the nation to reach the mark that GasBuddy had been anticipating could pop up in the Great Lakes states a week or so ago. The national average as of today is $2.19 a gallon.
"Absolutely amazing to see how quickly prices have fallen, and the return of something few Americans have seen since the early 2000s," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "We're in uncharted waters due to demand plummeting in light of the coronavirus situation, and yesterday oil prices fell to their lowest level since 2002 in a sign of the deep distress our economy is facing."
The two biggest factors in all this is the coronavirus pandemic driving down demand and a production fight between Saudi Arabia and Russia. Brent crude, the international benchmark, fell more than 14%, to $24.52 per barrel on Wednesday, but was up 90 cents so far today. The price a year ago at this time was $68.39.
SOURCE GasBuddy 3.19.2020 www.vermontgasprices.com