U.S. oil prices hit new lows, Ohio hits 94 cents a gallon

Media reported that the average u.S. oil price is expected to fall to $1.49 a gallon in the coming weeks as a result of the price war between Saudi Arabia and Russia, two major oil producers. Previously, a gas station in Kentucky had been the first to cut retail prices below $1 a gallon. Now, Ohio has broken the record again.

U.S. oil prices hit new lows, Ohio hits 94 cents a gallon

1 U.S. gallon s 3.8 liters

A GasBuddy user has revealed that a gas station in Cleveland is selling gasoline for 94 cents a gallon. Even more incredible, on March 29th, local oil prices hit a new low of 89 cents a gallon.

Earlier, Patrick De Haan, gasBuddy’s head of oil analysis, revealed that a BP gas station in London, Kentucky, had posted 99 cents per gallon on March 19. By March 30, however, the lowest gasoline price had changed back to $1.04 a gallon.

U.S. drivers haven’t seen oil prices of less than $1 a gallon in a long time since 2002. Especially after the U.S. became a hit with the Iraq war in 2003, international oil prices have been soaring.

In 2011, fuel prices began to peak, with average prices hovering around $3.80 a gallon. However, the outbreak of new coronavirus pneumonia in early 2020 has once again hit the international economy hard, leading to a renewed price war between the two oil-producing countries.