Gas prices fall as oil prices plunge
If you are going out you've probably noticed the cheap gas prices. Oil prices are down 56 percent since February 21, and the price per barrel is still dropping. With stay-at-home orders keeping people off the road the demand isn't there.
MONTH ON HOW AND WHEN THE COUNTY RECOVERS FINANCIALLY.>> AARON THOMAS, LIVE DOWNTOWN, THANK YOU. >>> IF YOU HAVE GONE OUT, YOU PROBABLY NOTICED VERY CHEAP GAS PRICES, OIL PRICES DOWN 36% DOWN SINCE FEBRUARY 21 AND THE PRICE STILL DROPPING, THE DEMAND SIMPLY IS NOT THERE, WHAT DOES THIS MEAN FOR YOU? ROSALIE A SHOWS US WHAT THIS COULD MEAN FOR YOUR PRICES AT THE PUMP.>> THE VIRUS HAS VASTLY REDUCE THE DEMAND FOR OIL. >> Reporter: YOUR CARS AND TRUCKS ON THE ROAD AND FEWER PLANES IN THE SKY, THE NEED FOR FUEL IS NOT THERE. >> AND ALWAYS PHILIP, AND IT WAS ONLY $17. >> SUCH A GLUT OF OIL ON THE MARKET, PRODUCERS ACTUALLY HAVE TO PAY SOMEBODY ELSE TO TAKE IT OFF THEIR HANDS.>> Reporter: WHAT DOES THIS MEAN FOR US IN NORTH CAROLINA AND AT THE PUMP? >> THIS IS A BONUS TO NORTH CAROLINA, WE ARE NOT HEAVY PRODUCERS OF PETROLEUM. SO THE FIRST THING IS, IF YOU GO TO STATIONS THAT ARE LEADING OIL PRODUCERS, THOSE STATES, THEY ARE HAVING TO SHUT DOWN.>> Reporter: THESE GAS PRICES COULD JUST KEEP DROPPING.>> THEY COULD VERY EASILY DROP BELOW ONE DOLLAR IN THE WEEKS AHEAD. >> I'M ACTUALLY ABLE TO AFFORD BETTER GAS.>> Reporter: BUT WHAT ABOUT ON THE OTHER SIDE OF THE PANDEMIC? >> WHEN THE VIRUS IS OVER, GASES BACK TO $2.30.>> IT IS