72ºF

Coronavirus oil price war could push gas prices below $2 a gallon in coming weeks

Viewer photo shows gas prices at $1.99

A viewer photo shows fuel is $1.99 at Love’s Travel Stop in Jacksonville.
A viewer photo shows fuel is $1.99 at Love’s Travel Stop in Jacksonville.

JACKSONVILLE, Fla. – The oil price war inspired by the coronavirus epidemic could push gas prices below two dollars a gallon in the coming weeks.

USA Today cites the head of Petroleum Analysis at GasBuddy, a fuel-savings app. He says prices could be driven below the two-dollar-a-gallon mark if COVID-19 fears continue -- and the global oil supply does not shrink.

It comes after major oil-producing nations failed over the weekend to agree to a plan to boost crude oil prices.

Triple-A reports the national average price of gas is currently $2.38 a gallon.

At a meeting in Vienna Friday, Russia refused to go along with OPEC’s proposal to rescue the coronavirus-battered oil market by further cutting production.

Then Saudi Arabia shocked the market by launching a price war against onetime ally Russia.

A viewer photo shows fuel is $1.99 at Love’s Travel Stop in Jacksonville.