Houston Traffic – Oil, gas prices plunge with new virus strain

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Man pumping gas

HOUSTON (CW39) Oil prices tumbled more than 2% as fast-spreading new coronavirus strain in England. Of course it shut down much of Britain and led to tighter travel restrictions in Europe as well. It did spark concerns about lower fuel demand. Now the virus strains already been detected in some other countries, including Australia, the Netherlands and Italy.

Gas prices search of their biggest increase in months following last week’s rally in oil markets.

Nationally prices rose a nickel to an average of $2.21 a gallon. In Houston, in a $1.89 a gallon. That is though still up a dime from a month ago.

Here are two ways to look at it. One, you have to pay more for gas, which hurts people who may have lost their job.

However, here in Houston, we’re an oil capital here. So hopefully it will bring more jobs back to those who have been furloughed because of this. It’s been a really tough year for the energy industry. No doubt about it.

$2.21 a gallon is good compared to what we’ve seen over the past five years. Remember when gas was more than $4 a gallon?

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