Gas prices are falling sharply as Americans heed the advice of officials and implement social distancing. AAA reports 13 states have averages of $2 or less per gallon for unleaded gasoline.
Iowa is close behind with the state average currently at $2.02 a gallon. Pump prices in Nebraska have fallen 14 cents during the past week alone with the state average currently at $2.14 a gallon. Many drivers in the Omaha metro area are paying less than $2 a gallon.
"With schools closed, large events cancelled and increasing numbers of people working from home, vehicles are being driven less. The result is an oversupply of gas at a time when demand, along with prices, are usually on the upswing, according to AAA's Rose White.
She says oil prices are also taking a beating with crude oil trading at $26 a barrel, down 54 percent from a year ago. "A decrease in economic activity, coupled with an ongoing oil price war between Russia and Saudi Arabia, is flooding the global market with cheap crude oil," White says. Oil prices are down nearly 55 percent compared to a year ago.
AAA expects gas prices to continue to fall, with a high likelihood of the national average dropping below $2 before the end of March.
Additional information on gas prices is available at AAA.com/gas.