Oil Prices Are At An 18-Year Low During Coronavirus Pandemic

The coronavirus pandemic has sent oil prices plummeting to an 18-year low.

With most of the world shut down and staying inside, the average price of gas is low nationwide.

Less cars on the road and businesses closed means the demand for oil is down, which brings gas prices down.

Also affecting oil prices is a feud between Russia and Saudi Arabia over oil production levels. Each nation is blaming the other for the drop.

President Donald Trump is now pushing for the Organization of the Petroleum Exporting Countries, led by Saudi Arabia, to find a way to stabilize oil markets around the world. The organization is working on a deal to cut oil production by 10% and hopes the U.S. will sign on.

“The first problem is that we have to cut from the current production level now, not to go back to the one before the crisis,” a source at the Organization of the Petroleum Exporting Countries told Reuters. “The second issue is the Americans, they have to play a part.”