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Oil Prices Hit an 18-Year Low Amid Coronavirus Lockdown

New York Post

With the coronavirus lockdown keeping many New York drivers off the road, they might not have noticed how cheap gas is.

The average price at downstate pumps was just $2.175 a gallon this week, state data show.

The prices are so low because much of the world — like much of the US — is in lockdown, keeping cars parked and most businesses shut down or operating at reduced capacity. Consequently, worldwide oil demand has plummeted, sending prices plunging.

Add a dispute about production levels between Saudi Arabia and Russia, and crude oil prices have dropped to a level not seen since the early 2000s.

Read More at the New York Post

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