CHESAPEAKE, Va. -- The coronavirus is causing the gas prices at the pump to decrease, according to Bob McNab, a professor of economics and Old Dominion University.
Even after Virginia lawmakers agreed on a five-cent gas tax increase on Thursday, McNab said the price of oil is decreasing across the globe.
The impact comes after the member-nations of the Organization of the Petroleum Exporting Countries -- also known as OPEC -- could not reach an agreement on supply cuts in response to the coronavirus.
“If we see the virus continue to spread globally and in the United States, people are just going to use less gasoline, use less oil," McNab said. "If they’re using less, their demand falls, market price falls.”
According to Gas Buddy, the national average for a gallon of regular gas on Friday was $2.40. Both Virginia and North Carolina were below that average at around $2.20.
McNab forecasted the trend to continue through the summer.
