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US gas prices fall below $2 per gallon for the first time in 4 years amid COVID-19 outbreak, crude price war

Added 03-31-20 02:14:02pm EST - “"Today, motorists can find gas for $1.99 or less at 68% of gas stations in the country," said Jeanette Casselano of AAA in a statement.” - Businessinsider.com

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Posted By TheNewsCommenter: From Businessinsider.com: “US gas prices fall below $2 per gallon for the first time in 4 years amid COVID-19 outbreak, crude price war”. Below is an excerpt from the article.

The coronavirus pandemic and ongoing oil price war has sent US gas prices to their lowest levels in four years. 

The national average for a gallon of regular gasoline dropped to $1.99, according to an AAA report released Tuesday. It's the first time the average has fallen below $2 in more than four years, and AAA expects them to go even lower. 

"Today, motorists can find gas for $1.99 or less at 68% of gas stations in the country," said Jeanette Casselano, a spokesperson for AAA, in a statement.  

Gas prices have been in decline recently amid a tumultuous global backdrop — the coronavirus pandemic has significantly lowered demand for oil and gas as consumers cut travel and airlines cancel flights. In addition, the price war between Saudi Arabia and Russia threatens to boost supply to record levels.

That's pushed crude prices to their lowest levels in 18 years, around $20 per barrel. Both US West Texas Intermediate and Brent crude oil are on track for their worst quarter ever. 

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