Rockford Area Gas Prices Are Down, May Keep Going
We're down over 7 cents per gallon in the last week, and experts seem to think this trend may continue.
Rockford's average price as of this morning (3/9/20), stands at $2.32 per gallon of regular unleaded gasoline.
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.