Economics
‘Can’t Even Give It Away’: Gasoline at $1 Is Warning for Economy
- First U.S. city sees sub-$1 pump price as virus hits demand
- Nationally, retail gasoline is headed for lowest since 2004
This article is for subscribers only.
London, Kentucky, became the first U.S. city to see pump prices fall below $1 a gallon as coronavirus-related lockdowns halt transit across the country -- and it won’t be the last.
Several others are poised to join the club in the coming days as the pandemic crushes fuel demand and sends the economy to the brink of a recession. While cheap fuel usually spurs gas-guzzling Americans to hit the highways, the latest downturn in prices portends dark times ahead.