Election, COVID accelerate drop in gas prices

Election, COVID accelerate drop in gas prices
Experts say uncertainty over the coming election and the rise of COVID-19 cases, have “accelerated” a sharp drop in gasoline prices. (Source: Pablo)

JONESBORO, Ark. (KAIT) - Experts say uncertainty over the coming election and the rise of COVID-19 cases, have “accelerated” a sharp drop in gasoline prices.

In the last week, gas prices in Arkansas fell 3.3 cents per gallon to an average of $1.81, according to GasBuddy.com. That is 6 cents lower than a month ago, and 48 cents less than motorists paid last year at this time.

The national average fell 2.7 cents per gallon to $2.12.

“The drop in gas prices has accelerated in the last week as oil prices continue to slide on uncertainty over the election, stimulus and as coronavirus case counts soar, leading to more states rolling back their reopening plans,” said Patrick De Haan, head of petroleum analysis for GasBuddy.

He noted that anxiety over a potential legal battle over the election results “throws more uncertainty into the ring.”

“For now, it’s virtually guaranteed that the national average will fall to under $2 per gallon in the next two weeks,” he said. “So, motorists need not be in a rush to fill their tanks.”

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