Gas Prices Could Fall Below $2 A Gallon In Illinois
As concerns for the Coronavirus continue to grow, more and more people are avoiding going out in public. As they continue to cut back on going out, that means people are buying less gas. Which if you remember economics and the rules of supply and demand, you understand where this is going. More gas with less need means lower prices. Add in the fact that Saudi Arabia and Russia are in a price war, reported by WTVO and that all spells relief at the gas pump.
In fact, a quick search on the app, Gas Buddy, indicates the cheapest, non-member, cost at the pump is $2.12 at the Citgo in Rockford. Sam's Club is currently under $2 at $1.98.
Usually as the summer months get closer, the prices start to go up in anticipation of all the extra travel people do during that time of year. It will be interesting to see how much lower they will drop and subsequently when they bounce back.
Have your travel plans been affected by the coronavirus concerns? Tell us in the comments!