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Gas prices are falling and a Kentucky gas station just became the first in the country to drop its prices below $1 for a gallon of gasoline.
According to GasBuddy, the station that hit 99 cents for a gallon of regular gas was a BP station in London, Kentucky.
GasBuddy analyst Patrick DeHaan has been expecting a change in gas prices because Americans have been driving less due to the coronavirus pandemic. That’s what he saw Thursday morning.
“99 CENTS IS HERE: Just got off the phone to verify, but a BP station in London, KY has dropped its price to 99 CENTS PER GALLON,” he wrote on Twitter.
“Absolutely amazing to see how quickly prices have fallen, and the return of something few Americans have seen since the early 2000s,” DeHaan said in a press release. “We’re in uncharted waters due to demand plummeting in light of the coronavirus situation, and yesterday oil prices fell to their lowest level since 2002 in a sign of the deep distress our economy is facing.”
Oil prices have tumbled after Saudi Arabia and Russia sent shock waves through energy markets around the globe after Russia refused to cut production and Saudi Arabia slashed prices two weeks ago.
The last time that the average price of gas fell below $2 was in 2004.