Coronavirus, oil price war could drop gas prices below $2 a gallon nationwide

(CNN) - An oil price war inspired by the coronavirus epidemic could push gas prices below $2 a gallon in the coming weeks.

File: A gas price is listed at a fuel pump in Lindale, Texas. (Source: KLTV)

USA Today cites GasBuddy head of petroleum analysis Patrick DeHann, who said prices could reach those levels if fears over the coronavirus continue and the global oil supply doesn’t shrink.

These projections come after major oil-producing nations failed to come to an agreement over the weekend for a plan to boost crude oil prices.

Russia refused to go along with OPEC's proposal to rescue the coronavirus-battered oil market by further cutting production. OPEC is made up of 13 oil-rich countries in Africa, the Middle East and South America.

Saudi Arabia, an OPEC member, responded to Russia’s refusal by launching the price war against the one-time ally.

AAA reports the national average for a gallon of gas is $2.38.

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