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Cheaper gas, fewer people at the pump during coronavirus pandemic

Posted at 8:15 PM, Apr 12, 2020
and last updated 2020-04-16 00:33:25-04

LAS VEGAS (KTNV) — Experts say the noticeable drop in price for gasoline across the country is due to less driving, as people try to stay home during the coronavirus pandemic.

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The Associated Press reports the average U.S. price of regular-grade gasoline fell 14 cents over the past two weeks to $2.01 per gallon.

13 Action News Financial Specialist Steve Budin says the big profit for a gas station isn’t the fuel sales, but is what people get inside the store.

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“If you go fill up your tank and the gas is 50 cents per gallon less, you’re going to go into that market and buy something that is a high-profit item,” says Budin.

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Budin also says the cheaper prices are because gas stations don’t need to be refilled frequently now.

“We’re not using as much gas as there is being pumped, so there’s a storage issue,” says Budin.

Budin says it’s best to keep your tank full as much as you can while the prices are low.

“Even when Vegas opens for business again, you can expect to see gas prices stay very low for at least a couple of months,” says Budin.

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