Gas prices are always a terrible thing to think about. Who actually enjoys going to the pump to dish out large sums of money to simply get to where they need to go? The correct answer is Nobody!
Gas Prices Have Dropped Exponentially
Since the start of the country’s fight against COVID-19, we have seen such a drastic drop in fuel prices, that many are now finding it affordable to drive again. Unfortunately, due to the current “stay-at-home” policy, many are not finding their way to the pump and instead, they are sitting comfortably in the confines of their own home.
They Will Continue To Drop
Supply and demand is essential. Right now, their is plenty of supply with little demand. This apparently doesn’t seem to be ending anytime soon. While some areas like Los Angeles Have seen gas prices come down to affordable prices, other states have seen gas drop to under a dollar.
Fuel At Its Lowest Since the ’90s
Gas prices haven’t been this low since before the new millennium. For many drivers, they have yet to witness these events. I distinctly remember obtaining my drivers license in 2006. I lived in rural New Hampshire and gas was approximately $3/gallon. This was low in comparison to the rest of the country, but the mentality I had at the time was “Hey, it can’t get any harder.” For me, it hasn’t. For others, this is an unprecedented step towards more affordable living.
Diesel Has Not Seen A Generous Price Drop
Although all gas prices have dropped, Diesel still remains somewhat high. This is due to the nature of diesel fuel. Semi trucks across the country are still moving from city to city in hopes of restocking America. From food and water to essential medical supplies, drivers across the country are still making their rounds.
This has created a high demand for diesel fuel. Considering that trucks an other diesel engines are the primary vehicle on the road right now, the need for this fuel is still in high demand.
When Will High Gas Prices Return?
Many economists speculate that the price of fuel will increase once the lockdown is over. When it does, it will not be a slow increase in price but a drastic one. Many big oil companies have taken a substantial hit due to a worldwide lack of drivers. It is merely speculation, but a good one to go off of.