Gas prices continue to tumble, now at their lowest level in years

Gas prices are on the decline in Illinois. /: (MGN)
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ROCKFORD, Ill. (WIFR) -- Over the last week, Rockford has prices have fallen another 21 cents this last week. Now prices average out to $1.88 per gallon today, according to GasBuddy's daily survery of 139 stations.

These prices are 59 cents per gallon lower than a month ago and 72.4 cents per gallon lower than they were a year ago. GasBuddy says the cheapest gas in Rockfors is $1.28 per gallon today while the most expensive is $2.19 per gallon, a difference of 91 cents per gallon.

The national average price of gasoline has fallen 12.8 cents per gallon in the last week, averaging $2.08 per gallon today. The national average is down 38.5 cents per gallon from a month ago and stands 54.7 cents per gallon lower than a year ago.

"Gas prices have spent virtually all of March marching lower, with the drop continuing as the coronavirus destroys oil demand globally, leading to the lowest oil prices we've seen in 18 years, paving the way for still an additional 35-75 cent per gallon drop at most stations in the weeks ahead," said Patrick DeHaan, head of petroleum analysis for GasBuddy. "I don't think I've ever seen such a collapse in prices, even including the Great Recession. What we're witnessing is easily going to go down as the great collapse in oil demand, and for motorists hurrying to fill up today, they're wasting their money as prices will continue to drop in the days ahead. Gas stations are passing along the drop several weeks behind, and there's plenty more room for prices to drop, putting 99 cents per gallon prices as a strong possibility for perhaps many more stations than we previously anticipated. This is truly an unprecedented turn of events."