(CNN) – The oil price war brought on by the coronavirus epidemic could push gas prices below $2 a gallon in the coming weeks.
USA Today cites the head of petroleum analyst at GasBuddy, a fuel-savings app.
He says prices could be driven below the $2 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.
In Buffalo, drivers can expect to spend around $2.51 a gallon.
“I like it because I drive for a living so the more they go down the better,” said driver Jerron Macintosh.
“Obviously as a consumer I appreciate gas prices dropping but looking at it big picture and knowing that it’s because of the Coronavirus and how that’s affecting the economy that’s obviously more concerning I guess you could say,” said Katie Braisted who was filling up her car on Tuesday.
AAA reports the national average price of gas is currently at $2.38
“First of all, we have the Coronavirus so that means all these factories in China shut down and they’re the number one consumer of oil so there was less of a demand right there,” said AAA Spokesperson Elizabeth Carey. “Then there’s another situation where Russia and Saudi Arabia over supply and oil pricing so that’s been pushing oil down.”
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 a one-time ally Russia.