CLEVELAND, Ohio (WOIO) -Crude oil prices have dropped to an 18-year-low with the COVID-19 pandemic causing people to stay home, which means they’re not driving.
Using supply and demand math means when people aren’t driving to work, restaurants or vacations the supply of gas goes up, and prices go down.
“Demand has plummeted and Russia and Saudi Arabia decided at a March 5 emergency meeting to raise oil production instead of cut it,” according to GasBuddy’s petroleum analyst Patrick DeHaan.
DeHann has been tracking prices around the country and has been adding states to what he calls his “99 cent club.”
On Tuesday morning Gas USA, at West 117 Street and Bellaire Road in Cleveland, became one of first stations in Ohio to drop its price to under a dollar.
The gas station was packed, even though the station across the street was selling gas for only about $0.08 more.
Five states have now joined the club including Oklahoma, Wisconsin, Tennessee, Kentucky.
The current average price for a gallon of gas in Cleveland is about $1.66.
The last time prices have been this low in Cleveland was in February in 2015 when the average was $1.43.
With prices low but stay at home orders in place, most people can not take advantage of the low prices, for now.
“Prices will likely see some rebound when people start driving en masse again yes, but may not fully recover until after the summer,” DeHaan said. “Many variables here.”