SMART MONEY GROUP

[crudeoil24]

Today, market is flooded with supply. Indian reservations in New York State are charging $0.70 a gallon for 87 octane gas. SEVENTY CENTS A GALLON!!!!!

Among the many effects of the coronavirus pandemic ripping apart the U.S. economy is a steep drop in gas prices, brought on by plummeting demand as people stay at home and an international oil price war between Russia and Saudi Arabia. The national average for regular 87 octane currently sits at a decade-low $1.88. We've chronicled stations undercutting that significantly, mostly for publicity, but it appears another price war underway in a small town in western New York has brought about a new record low: $0.62 per gallon.

Analyst Patrick De Haan of the industry tracking site GasBuddy.com highlighted the micro trend after a Twitter user snapped a picture of the pricing display at Allegany Gas & Smokes in Salamanca, New York, a town of about 5,000 people in the Allegany Indian Reservation. The original report described it as a price war, and sure enough, at least three of the six-plus gas stations in the area are currently sitting under a buck a gallon for regular fuel. $0.62 is below the previous mark of $0.69 set by an Ohio station last month.

https://www.cnn.com/2020/04/01/business/oil-prices-crash-storage-space/index.html