National Average For A Gallon Of Gas Falls Below $2 For First Time In Years
CHICAGO (CBS)-- For the first time in years, the national average for a gallon of gas fell below $2.
The last time gas prices were that low was back in 2016, according to GasBuddy.
Experts say that trend is probably going to continue. The average price in Chicago is $2.17, but outside the city, that number dropped to around a $1.50.
According to GasBuddy, over the next few weeks, it could drop another 25, 50, even 70 cents a gallon. Which might sound like good news right now, but it's not a good sign for the economy.
Patrick De Hann, head of petroleum analysis at GasBuddy, told CBS 2 higher gas prices resemble a healthier economy and that's why prices are going so low so quickly.
"They're a sign of a deeply distressed economy that we have today so it may actually be good news to start seeing gas prices go back up because that's basically consistent with Americans starting to go back to work," he said.
Even after people start returning to work, gas prices will likely stay low for a while.
The demand is so low right now, it will take some time for prices to go back up.