Enjoy It While It Lasts: Gas Prices Have Already Bottomed
On New Year's Day, gas prices in California averaged about $3.59 a gallon. Through January and February, prices drifted down a little. But during the week of March 10th, the world started to change.
Panic over the COVID-19 pandemic set in. On March 19th, Governor Gavin Newsom issued a statewide "Stay at Home" order to all 40 million California residents. From this point on through May 8th, only essential businesses such as grocery stores, pharmacies, and gas stations remained open. Everything else closed. Professional sports were canceled.
The people of California, the world's fifth largest economy, almost completely stopped driving for nearly two months. Demand for gasoline sunk and this set in motion a subsequent drop in gas prices.
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