The novel coronavirus outbreak and disagreements between OPEC caused global oil prices to plummet Monday, and experts say this could mean U.S. consumers are likely to see much lower prices at the gas pump.
. Over the weekend, OPEC members met to discuss how to deal with falling oil prices. Talks disintegrated, however, and Saudi Arabia ended up slashing its oil prices, triggering a price war and sending U.S. crude oil prices plunging by more than 25%.
"Effectively what's happened is in the wake of softening demand for oil, we had expected that there would be an agreement to lower production, to reduce supply ... and we would have a gentle change in the market," she added."That did not happen." An oil drilling rig stands one of the Causeway islands in the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, Oct. 3, 2018.
The trend of pump prices falling is likely continue"through the end of the winter driving season if crude remains cheap, especially amid concerns about the coronavirus," the AAA said in a statement.The AAA said the largest weekly price decreases have been seen in Indiana as well as Michigan and Illinois . The least expensive markets in the nation are currently Texas and Mississippi and Oklahoma , according to the AAA.
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