JONESBORO, Ark. (KAIT) - The spread of coronavirus is not just sending stock prices lower, it’s also driving down prices at the gas pump.
According to GasBuddy.com’s survey of 1,826 stations, the average price for a gallon of gasoline in Arkansas fell 3.8 cents in the past week to $2.15.
The national average fell 6.2 cents, to an average price of $2.41/g.
Patrick DeHaan, head of petroleum analysis for GasBuddy.com, said the spread of coronavirus has induced panic in the markets, adding that oil prices have been “walloped.”
He urged motorists to avoid filling up now, saying that prices should drop even further in the days ahead.
“Nearly every village, town, and city in every state will see gas prices dropping,” DeHaan said in a Monday news release. “Over the next week, gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus.”
He added that gas stations “have plenty of room to drop prices,” and motorists could see 25-35 cent drops over the next few weeks.
“My advice for motorists is delay buying gasoline and expect noticeable drops for the time being as the world obsesses over the spread of COVID-19,” DeHaan said.
To find the lowest prices in your area, visit the Region 8 News Pump Patrol.