STATEWIDE–The coronavirus is causing gas prices to drop in Indiana and across the country.
“In the last two weeks, oil prices have gone from $54 to $45. That’s the largest and quickest decrease since the Great Recession. As the coronavirus spreads, things could start shutting down. Schools may close and businesses may temporarily close to slow down the spread. That would limit oil demand,” says Patrick DeHaan, head of petroleum analysis for GasBuddy.
Lower oil prices mean lower gas prices, which is why DeHaan recommends you wait to fill up your gas tank if you can.
“If you’re on empty, I would put a quarter to a half tank of a gallon in there and fill up again later this week when prices could be 10 or 20 cents a gallon lower,” DeHaan said.
DeHaan anticipates that some gas stations could see prices drop “25 to 35 cents over the next few weeks.” That could change, however, if the stock market goes up.
“Oil prices will follow the stock market. If there is some sort of recovery, that could send gas prices eventually higher, but there’s still a lot of downward movement there. The next hike is going to be pushed back,” DeHaan said.
GasBuddy says the average price for gas across Indiana is $2.28 per gallon. That’s down 10 cents from where it was this time last week. Several stations in the state are selling it for $2 and less.
