Gas prices hit four-year low amid price war, coronavirus slowdown

With the novel coronavirus spreading and two major oil-producing countries engaging in a price war, the price of a gallon of gasoline hit its lowest point in years earlier this week.

Before speculation that Russia and Saudi Arabia would agree to cut production sent crude oil prices soaring Thursday, the average price for a gallon of gas in the U.S. dipped below $2 this week. It’s the first time that has happened in four years, according to AAA.

Prices in the Midwest were even lower than the national average.

In the Midwest, gas went from about $2.50 per gallon at the beginning of the year to about $1.80 per gallon as of a Monday report from the U.S. Energy Information Administration. At about the same time last year, the average gallon of gas in the region cost about $2.70.

The EIA defines the Midwest as a 15-state region that includes Missouri and is roughly bounded by North Dakota, Michigan, Tennessee and Oklahoma.

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