Gas prices are at their lowest level since 2016, but with the majority of the U.S. on lockdown, consumers can't take advantage of cheaper fuel.
The national average for a gallon of gas — $1.883, according to the latest data from AAA — is the cheapest in more than four years.
A detailed view of a Shell gas station sign showing the low price of $1.69 per gallon, the result of the coronavirus outbreak on March 31, 2020 in Jacksonville, Fl.With gas prices this low, Tracie Brocket would usually hit the open roads on the weekend around her home in Sweet Grass County, Montana. But she's one of many Americans who can't take advantage now of cheaper fuel, as the majority of the country stays home in an effort to slow the spread of the coronavirus.
"We are seeing major destruction to gasoline demand which could push the national average below $1.70 or cheaper this month," AAA spokesperson Jeanette Casselano told CNBC., sees the national average dropping below 2016's low of $1.66. Prices could get all the way down to $1.49, he said, depending on "how quickly the situation [coronavirus] improves — if it does at all.
"We've seen prices plummet consistent with something that we have almost never seen...By all metrics we really are in some unprecedented times for retail gasoline and certainly oil prices as well," he added. A small business owner with three kids aged 14, 13 and 8, she said she's seen a "huge decrease" in gas prices. She recently filled her tank for $20. Usually, it costs between $38 and $40.President Donald Trump has cheered low gas prices, tweeting in March: "Good for the consumer, gasoline prices coming down!"
Gales said he wished gas prices were perpetually this low. "It cuts into the bottom line of any industry. Music industry, us musicians trying to get to our shows, the Uber Eats industry trying to deliver food, and of course you know the bigger businesses."
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