Analyst: Drivers enjoying lowest gas prices in 16 years as markets hang on covid-19

Gasoline prices fell slightly over the past week as markets await the next chapter in the coronavirus situation, an industry analyst said.

“As cases continue to rise, the likelihood rises that gas prices will stabilize and demand may continue to see small decreases, which is the name of the game behind gas prices,” said Patrick De Haan, head of petroleum analysis for the price-tracking service GasBuddy.

“I wouldn’t expect much movement until we either see more states being impacted again or we see cases start to drop, either one would provide clarity to where we stand now,” he said. “For now, motorists are still ‘stuck’ with the lowest summer gas prices in 16 years.”

Gas prices remain quiet due to the effects of the ongoing COVID-19 pandemic. Additional insights from our analysts: https://t.co/brxXa8Him8 pic.twitter.com/svLtm3zbk1

— GasBuddy (@GasBuddy) July 20, 2020

In the Pittsburgh area, gasoline was averaging $2.42 a gallon, down 3.1 cents from last week, according to GasBuddy’s survey of 731 stations. That’s the same as a month ago, and 55.1 cents less than a year ago.

Prices ranged from a low of $2.10 a gallon to $2.59. Statewide, prices ranged from $1.99 to $2.79.

The national average stood at $2.18 a gallon, down 2 cents from the last week. That’s 5.4 cents more than a month ago, but 58.4 cents less than a year ago.

Neighboring states and their current gas prices:

• Akron, Ohio — $2.04, down 6.1 cents a gallon from last week.

• Cleveland — $2.12, down 5.4 cents a gallon from last week.

• West Virginia — $2.14, down 3.1 cents a gallon from last week.