(April 2, 2020) WASHINGTON, D.C. — The national average for a gallon of regular gasoline has dropped below $2 for the first time in four years and AAA expects prices to continue pushing cheaper, with the national price average hitting $1.75 or less in April.

The decline is due to COVID-19’s chilling effect on the global economy and the crude oil price war between Saudi Arabia and Russia. Crude has plummeted to $20 na barrel — a closing price not seen since 2002. For the last 52 weeks, crude oil (West Texas Intermediate) has averaged $56 a barrel with the national pump price average at $2.63.

“AAA expects gas prices to keep dropping as cheap crude combines with the realities of people staying home and less demand for gas,” said Jeanette Casselano, AAA spokesperson. “Today, motorists can find gas for $1.99 or less at 68% of gas stations in the country.”

Across the country, state averages are less than $3 a gallon except in Hawaii ($3.36) and California ($3.05). Twenty-nine states have regular gas price averages under $2, with Oklahoma ($1.55) having the cheapest in the country.

While demand is diminishing, COVID-19 is not impacting the U.S. gasoline supply. The U.S. has an unusual amount of winter-blend gasoline still available for this time of year. This caused the Environmental Protection Agency (EPA) to extend the sale of winter-blend past the May 1 deadline to May 20. The agency said they would continue to monitor and may extend the waiver again.

“The EPA’s extension of the winter-blend gasoline waiver will contribute to sustained lower prices, especially as U.S. gasoline demand readings look more like winter-driving season than spring,” added Casselano.

AAA forecasts that until crude oil prices and gasoline demand increase, cheaper gas prices are here for the foreseeable future.