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Gas prices are the cheapest in years

The national average at $2.21 per gallon
Posted at 11:12 PM, Sep 07, 2020
and last updated 2020-09-07 23:12:49-04

Gas prices are lower than they have been in several years.

Many experts attribute the fall to the lack of travel and increased unemployment levels.

Fox 4 spoke to Robert Vaughn, a father of four who says they’ve been heavily affected by the COVID-19 pandemic, and any way to save money goes a long way.

“The gas prices help us do other things especially in the hard-economic time when we don’t know where we are going to be from one day from the next, ” said Vaughn.

According to AAA the state average for a gallon of regular gas is at a record low of $2.19.

“It cost me about $35 to fill it up, six or seven months ago it probably would have cost about $50 to fill it up, ” said Vaughn.

Tom Kloza, OPIS's global head of energy analysis predicts these prices could last for the remainder of the year as many still face unemployment and others continue to work from home.

Fox 4 spoke with Dr. Tom Smythe, Professor Finance and Economics at Florida Gulf Coast University, who says it is not uncommon for gas prices to fluctuate.

“When the economy is going well at some point we tend to see oil and gas prices rise because there is higher demand but when things aren’t going well we tend to see gas prices fall, ” said Smythe.

The CDC says we could see a COVID-19 vaccine as early as November 1st, which could give a much-needed boost to the economy.

“Certainly as people get back to a somewhat normal way of life, in terms of driving to jobs and things like that it’s going to increase the demand for gas, ” said Smythe.

He predicts that there will continue to be an increase in people working from home even after the pandemic, keeping the demand for gas lower than previous years.