The oil stockpiles continue to add up, leading to a collapse in gas prices, with the shutdown and reduction of most travel in the world due to the coronavirus pandemic.

 

Gas prices haven’t been seen like this since the early 2000s, but the problem is there's nowhere to go. That could change as states slowly plan on reopening, but for now - seeing prices this low is more of a novelty than something drivers can really take advantage of.

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According to the latest numbers from AAA, on average, a gallon of regular gas in New Jersey costs $2.05 -- another drop of four cents from last week when average was $2.09, and a 25-cent drop of a month ago when prices were, on average, at $2.30. One year ago, gas was $2.84.

The average price in the United States right now sits at $1.81, and some states may see prices dip below the $1 mark. Some people who are working say it is one bright spot during the pandemic.

 

“I work constantly seven days a week, so I work in the health department and got to be there on the front line,” says health care worker Tyrel Stewart. “I really appreciate gas going down, and I hope it stays down. I hope it don't go down for now and then come back up when this is finished. I hope it stays down here.”

Part of the reason why gas prices are so cheap is because of the price of oil. Oil futures crashed Monday, trading under $0 at one point, essentially meaning sellers must pay buyers to get it off their hands. The crash shows there's no place to store all the crude the world is producing, but not using.