Coronavirus brings gas prices below $2 a gallon in North Carolina

WAKE FOREST, NC (WTVD) — Several economists are theorizing that coronavirus fears are having one positive impact – cutting into gas prices.

Experts believe the emergence of COVID-19 is causing consumers to travel less, bringing the demand down.

And we’re seeing that here in North Carolina. GasBuddy showed totals of $1.77 a gallon (regular) at several locations in Wake Forest, including Sheetz, Mobil and Murphy USA stations. Those are among the lowest prices in the state.

Murphy Express stations in Sanford ($1.89) and Zebulon ($1.90) also had lower totals.

Prices on South Saunders Street in Raleigh were not as a low, checking in at around $2.19 and $2.16, still well below AAA’s national average price of $2.38. North Carolina’s average gas price is $2.20.

AAA’s county-by-county map shows the cheapest average prices in the ABC11 viewing area in Nash, Franklin, Wilson, Wayne and Edgecombe counties.

In Michigan, gas prices are down 12 cents from the previous week. In Ohio, prices were below $2 a gallon.

COVID-19 is threatening the global economy, presenting what some are calling “the greatest threat since the financial crisis.”

“The virus risks giving a further blow to a global economy that was already weakened by trade and political tensions,” Laurence Boone, the OECD’s chief economist, said while presenting the findings during a teleconference Monday.

Global stock markets and oil prices plunged Monday after a fight among Russia and Saudi Arabia jolted investors who already were on edge about the surging costs of a virus outbreak.

Last week, two coronavirus cases were confirmed in North Carolina with one in Wake County and one in Chatham County.