Gas prices continue to drop, lowest in WI under $1 per gallon

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MADISON, Wis. (WMTV) -- Gas prices are hitting historic lows, as the national average price falls below two dollars per gallon for the first time in over four years.

According to GasBuddy, Madison gas prices have fallen 22.3 cents per gallon in the past week, averaging $1.55 per gallon on Monday.

Gas prices in the city are about 70.4 cents per gallon lower than a month ago and $1.12 per gallon lower than a year ago.

According to GasBuddy price reports, the cheapest station in Madison was priced at $1.25 per gallon on Monday, while the most expensive was $1.79 per gallon. The lowest price in the state Monday was $0.97 per gallon.

The national average price was $1.97 Monday, which is down 45.5 cents per gallon from one month ago.

"Today, we enter the 38th straight day the national average gas price has fallen, and the first week of the national average being under $2/gal for the first time in over four years as motorists park their cars and shelter in place, leading to an unprecedented drop never before seen in U.S. gasoline demand, causing prices to sink like a rock," said Patrick DeHaan, head of petroleum analysis for GasBuddy.

"With the nation continuing to be under siege from the coronavirus and millions staying parked at home, there's quite a bit more downside that's in the pipeline coming in the weeks ahead. We could easily see the national average fall 50 cents to a dollar per gallon."