As the worldwide concerns over the expanding coronavirus outbreak increase, oil prices are decreasing. Yesterday alone saw a 3% drop, taking the per barrel price down to $47. Overall, oil has dropped 11% in the past week and about 25% since early last month. One of the big reasons is that China is the epicenter of the virus outbreak. China is the largest purchaser of oil in the world. As the economy takes a hit there, so does the need for oil.

In this area, retail gasoline prices are again falling. Many stations around Kalamazoo were the lowest for gas pricing in the state yesterday at around $2.06 a gallon. Overnight - one Kalamazoo station dropped to $1.99 for regular. In Battle Creek this morning,  the best prices are holding at around $2.10. Only a couple weeks ago, gas prices at several areas in Michigan dropped below the $2.00 a gallon mark.

WKMI logo
Enter your number to get our free mobile app

More From WKMI