Coronavirus fears pushing oil, gasoline prices lower

The spread of coronavirus could result in lower prices at the pump, according to an industry analyst.

Drops of 25 to 35 cents per gallon are possible over the next few weeks, said Patrick DeHaan, head of petroleum analysis for GasBuddy.

“Oil prices have been walloped and motorists should avoid filling up as the plummet in oil prices starts showing up at their local gas station in the days ahead,” DeHaan said. “Nearly every village, town and city in every state will see gas prices dropping. The pace may vary, of course, but over the next week gas prices will move lower solidly, barring any dramatic improvement in the spread of the virus.”

In the Pittsburgh area, gasoline prices fell 5 cents per gallon in the past week to an average of $2.62, according to GasBuddy’s survey of 731 stations. That’s 4.9 cents per gallon less than a month ago, and 4.5 cents per gallon less than a year ago.

The national average has fallen 6.2 cents per gallon in the past week to an average of $2.41. That’s 4.4 cents per gallon less than a month ago, and 1.8 cents per gallon less than a year ago.

Neighboring areas and their current gas prices:

• Akron — $2.23, down 21.0 cents per gallon from last week.

• Cleveland — $2.34, down 11.0 cents per gallon from last week.

• West Virginia — $2.35, down 4.9 cents per gallon from last week.