Oil Prices Fall Sharply, Gas Prices Expected to Go Down
UNDATED -- Oil prices are plunging after Saudi Arabia started a price war against Russia. The Saudis tried to get the Russians to cut oil production to keep prices from falling even more due to concerns over the coronavirus.
Allison Mac is a petroleum analyst with Gas Buddy. She says a barrel of oil is selling for $32 today after dropping 20 percent Sunday night. To put it in perspective, at its highest a barrel of oil was selling for $142 back in 2011.
Mac says gas prices here in Minnesota were already starting to drop back in late February.
I'm looking at prices right now overall in the state of Minnesota and it's around $2.26, which is down six cents per gallon versus last week. Prices will continue to go down. Honestly, by the end of this week, we could see the state average around $2.10 per gallon.
Mac says, if nothing changes, we could see gas prices drop below $2 by the end of the month.