The price for gasoline dropped to 99 cents a gallon at the Spur 7 BP station in London, Kentucky, on Wednesday.
GasBuddy analyst Patrick De Haan reported the news on his Twitter profile Thursday morning:
99 CENTS IS HERE: Just got off the phone to verify, but a BP station in London, KY has dropped its price to 99 CENTS PER GALLON. pic.twitter.com/S7yx8TNSRg
— Patrick De Haan ⛽️📊 (@GasBuddyGuy) March 19, 2020
However, the station on state route 25 quickly sold out of fuel and an employee said they did not know when the pumps would be open again, according to Fox News.
“99 CENT UPDATE: The BP station selling at 99c is known for bunker busting prices, but sadly, the station is now SOLD OUT of regular and waiting for another delivery,” De Haan wrote in a subsequent tweet.
The plummeting gas prices are a result of the coronavirus outbreak and a price war between Saudi Arabia and Russia, De Haan told Breitbart News recently.
“Expect gas prices to continue moving lower for several weeks as a result of the entire situation,” he explained.
De Haan continued:
The number of stations selling gasoline under $2/gal has risen to nearly 40,000, up from 15,000 a week ago, while retail prices have collapsed to as low as $1.24/gallon in Oklahoma City last week, with more price drops coming for nearly every station in the week ahead as they continue to pass along the lower replacement cost.
Tuesday, the average U.S. gasoline price dropped to $2.24, which is down by 20 cents from a month ago, according to Breitbart News.
Right now, crude oil prices are trending at about $30 a barrel compared to last year when they were nearly $70 a barrel, AAA spokesman Jeanette Casselano noted.
More people working from home are also having an impact on the demand for gasoline, she explained.
“We’re not going to see as many people on the roads. We could see prices drop another 25 cents in the coming weeks and for states in the south that are already paying under 2 dollars prices could go to 1.75,” Casselano stated.