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Coronavirus shutdown sends gas prices down but creates new pain at the pump
Best is yet to come with falling gas prices: Petroleum analyst
Gasbuddy Head of Petroleum Analysis Patrick de Haan discusses the sharp decline in gas prices.
The “stay-at-home” orders issued by state governments for coronavirus prevention have contributed to oil prices crashing along with the continuing oil production war between Russia and Saudi Arabia. The result has been the lowest gas prices in decades. However, with no leisurely drives or vacations on tap, no one has been able to take advantage – and it's creating a new set of challenges for local gas stations.
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In the United Kingdom, the Petrol Retailers Association told trade publication Auto Express that many small, independently owned stations—primarily in rural England, Ireland, and Scotland—have already seen gasoline sales plunge 75 percent, and diesel, a similarly worrying 71 percent.
Feeling pain at the pumps, some stations have already been forced to turn out the lights and close the doors. So could the pain being felt in the U.K. happen across the pond in the U.S. soon? Maybe.