LOUISVILLE, Ky. — The first gas station in the country to return to 99 cents per gallon is here - and it's in Kentucky.
According to GasBuddy, a BP station in London, Kentucky has lowered its price to 99 cents per gallon. The station, a Spur Oil on North Laurel Road, temporarily sold out of gas Thursday morning because of the high demand.
The gas station posted about the low price on Facebook on Monday.
"During this DIFFICULT time we would like to give back to our COMMUNITY by offering LOWER FUEL PRICES at .99 cents for UNLEADED, as long as we can." The low price is only available at the #7 location in Laurel County.
After running out of gas Thursday morning, the gas station said more fuel trucks were on their way to restore the supply.
GasBuddy analyst Patrick DeHaan had been monitoring gas prices across the country for the last week, waiting for an expected drop in gas prices related to the coronavirus pandemic.
"Absolutely amazing to see how quickly prices have fallen, and the return of something few Americans have seen since the early 2000s," DeHaan said in a press release. "We're in uncharted waters due to demand plummeting in light of the coronavirus situation, and yesterday oil prices fell to their lowest level since 2002 in a sign of the deep distress our economy is facing."
The COVID-19 outbreak has been driving oil prices down for weeks as it has stunted economic activity in China, according to ABC News. After talks between OPEC members over oil prices fell apart over the weekend, Saudi Arabia slashed its prices, triggering a price war and sending U.S. crude oil prices plunging by more than 25%.
The average price of gas hasn't fallen below $2 since 2004, according to the data from the U.S. Energy Information Administration.
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