Breaking News
More () »

Experts say gas could reach as low as 99 cents in the Midwest

Prices in Cuyahoga County are currently averaging around $1.90 per gallon.

CLEVELAND — Gas prices continue to drop in Ohio during the month of March. According to AAA, the price of gas in the Buckeye State is averaging around $1.91, which is 31 cents lower than the national average of $2.217. 

In Cuyahoga County, prices are averaging $1.92.

According to Patrick DeHaan, an expert at Gas Buddy, oil prices have dropped to the lowest cost in ten years and gas prices could still continue to fall.

'You ain't seen nothing yet. There’s more downward potential in the days and weeks ahead. We could go down another 20, 40 cents a gallon," he explained.

DeHaan attributes the sudden drop in price to the coronavirus pandemic, saying it's caused a lower demand for gas and oil.

"We’re not driving as much and that is happening around the globe. Italy, France on lockdown, the Chinese cities were locked down. This is all meaning lower oil demand," he explained.

There is also tension in the industry with leaders arguing over production levels.

"There was a fist fight, essentially a cat fight if you will, between the largest oil producers, Saudi Arabia and Russia. Instead of cutting production, they boosted production, and that’s what’s giving us with low-price environment. But if it wasn’t for coronavirus, they wouldn’t have had to have those conversations," DeHaan explained.

He added that the lack of demand created a "speedway effect" in which gas stations get competitive to match the lowest price.

"The speedway effect is really bringing prices down much faster here in the Great Lakes than anything else... That could actually push us deeper into more discounts and could push prices to that 99 cent a gallon mark," DeHaan said.

While lower prices may be good news for drivers, DeHaan said it could be a sign of what's to come for the economy.

"It’s the sign of a struggling economy, and the real collateral damage could be tens of thousands or hundreds of thousands of jobs in the oil and gas industry that are suddenly at risk, because oil prices haven’t been this low in 10 years," he said.

Click here for our special coronavirus section.  

RELATED: Coronavirus & Ohio: The latest number of confirmed cases

RELATED: Big 3 U.S. automakers, Honda shut down factories to protect workers from coronavirus

RELATED: 88 cases of coronavirus now confirmed in Ohio; Gov. DeWine closes state's BMVs, barbershops, salons

RELATED: Gov. Mike DeWine asks Ohio businesses to take temperature of empoyees daily to help screen out the sick

RELATED: Ohio Gov. Mike DeWine issues order to close salons, barbershops and tattoo parlors

RELATED: Ohio Gov. Mike DeWine issues order to close all but 5 of the state's BMV locations

RELATED: Trump: HUD to suspend foreclosures, evictions through April

RELATED: Cleveland Clinic, University Hospitals revise coronavirus drive-thru testing

Paid Advertisement

Before You Leave, Check This Out