Coronavirus could drive down gas prices in US

JACKSONVILLE, Fla. – Big oil and gas companies had already been bracing for slowing global economic growth, and that appears to have been accelerated by the arrival of the new coronavirus.

If you’ve paid a visit to the gas pump in recent days, you might have noticed a decline in prices. According to GasBuddy.com, the average price of gas in Jacksonville was around $2.12 per gallon on Tuesday. Some stations in Jacksonville had prices under $2 for a gallon of gas.

LINK: Gas prices in Jacksonville

According to AAA, the national average on Tuesday was around $2.38 per gallon.

Analysts say fears of contracting coronavirus is keeping more people indoors and off the roads, which is leading to less demand for fuel. That combined with a fuel price war between Russia and Saudi Arabia has led to lower prices at the pump.

“I’m saving about $5 or so,” said Brian Bacolor, who was filling up in San Marco.

“People are afraid,” said Marie Fortin, a Jacksonville resident. “They don’t want to travel.”

Airlines continue to slash capacity as travelers cancel flights or avoid them all together. United Airlines, Delta Air Lines and American Airlines are allowing passengers to rebook tickets through April 30 without paying fees.

Coronavirus advice for travel: Everything you need to know

Europe’s airports say they expect 187 million fewer passengers this year due to the virus outbreak, which is "turning into a shock of unprecedented proportions for our industry.'' The ACI Europe, which represents the sector, estimated Tuesday that the outbreak will mean a 13.5% drop in airport passengers in the first quarter alone. That translates to 1.32 billion euros ($1.5 billion) in lost revenue.

Florida’s latest coronavirus case was confirmed Tuesday in Broward County.


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