Gas prices are $1.82 per gallon on average in Colorado amid the lowest demand for fuel since 1968.
"Until the COVID-19 challenge eases and demand begins to rise, it's highly likely that the oil market will remain considerably oversupplied and both crude and gasoline prices will remain low,” said Skyler McKinley of AAA Colorado.
Americans are using 44% less fuel compared to late February, a result of canceled travel plans and stay-at-home orders in a majority of states designed to halt the spread of COVID-19. Among Colorado’s metro areas, Greeley registered the lowest average prices, at $1.70 per gallon, according to AAA. In some parts of the country, per-gallon costs are less than $1 per gallon.
Over the weekend, the Organization of the Petroleum Exporting Countries agreed to cut production of oil by 9.7 million barrels per day in order to stabilize prices. The reduction is the largest on record.
While Americans are driving less, that has translated into fewer automobile accidents. A study from the University of California-Davis released on April 1 found that California’s stay-at-home order reduced collisions by 50%, with a similar drop in injuries and fatalities.