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GAS PRICES VO

Regular gas price plummets

The cost of regular fuel has plummeted at the pumps.  As at midnight tonight, for the first time in many years consumers will be paying under eight dollars per gallon of regular fuel. 

The cost of regular fuel has plummeted at the pumps.  As at midnight tonight, for the first time in many years consumers will be paying under eight dollars per gallon of regular fuel.  The new price of seven dollars and thirty six cents reflects a twenty nine percent decrease.  This sharp decline was anticipated for weeks as global prices have declined as well and the demand for fuel has dwindled due to the COVID-19 pandemic.  According to a US market publication, “Oil prices in the United States, for the first time in history, touched sub-zero amid an utter collapse in demand spurred on by the coronavirus pandemic; at this stage, even as global institutions have made massive production cuts, supply still far outstrips the demand. The spread of the coronavirus has sharply reduced air travel and thus the demand for fuel. Oil markets have plunged in recent weeks as lockdowns and travel restrictions to fight the coronavirus around the world battered demand for the commodity.”  It is uncertain for how long this price will remain but we will keep you posted.