ROCKFORD (WREX) — Gas prices have fallen in Rockford and experts don't expect that trend to end anytime soon.
According to GasBuddy, prices fell more than seven cents in the past week, bringing the average down to $2.32 per gallon.
The cheapest station in Rockford is priced at $1.95/g, while the most expensive is $2.49/g, according to GasBuddy's price reports.
The trend in Rockford is one seen across the country, as prices fell an average of more than six cents in the past week. GasBuddy says the cheapest station in the country is $0.61/g!
The drop in prices is mainly due to two separate issues—including COVID-19.
"It's been an unprecedented week, one in which oil majors Russia and Saudi Arabia saw anything but eye-to-eye on lowering oil production, leading crude oil prices to plummet 20% in Sunday evening trade, combined with COVID-19 fears escalating, and gas prices have no where to go but down and like a rock," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "Oil has now seen its value cut nearly in half after Iran tensions inflamed prices months ago and it doesn't immediately look like it will get any better. For motorists, I urge them to be in absolutely no hurry to fill up as gas prices will drop in nearly every nook and cranny of the country, from the smallest cities to the largest metros, at a time of year that prices are usually rising, we'll see anything but that. The national average came into March like a lamb and will likely be leaving as a lion, with prices roaring lower."