Gas now costs half the price of milk

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NEW YORK - With few Americans driving and gas prices plunging during the coronavirus pandemic, a gallon of gas is now cheaper than a half-gallon of milk.

The national average price of gasoline has fallen for nine straight weeks in the United States with the national average price at $1.74 per gallon according to GasBuddy.

According to the U.S. Department of Agriculture, the national average price for a gallon of milk in March was $3.54.  Prices are even higher for organic whole milk with prices averaging $3.99 for half a gallon.

"Gasoline prices will likely remain subdued until meaningful demand for petroleum returns, and that may not be for weeks or perhaps longer," Patrick De Hann, head of petroleum analysis at GasBuddy says.

More than 125,000 gas stations across the U.S. are selling gasoline under $2 a gallon right now, with nearly 50,000 stations under $1.50 a gallon.

The nation’s lowest states include Wisconsin ($1.19), Oklahoma ($1.35) and Ohio ($1.39), while the highest-priced states include Hawaii ($3.04), California ($2.74) and Washington ($2.45).

Oil futures have plunged (even dropping below zero for a brief period of time) ad demand for energy has collapsed globally during the coronavirus pandemic.

The last time prices dropped this low was in December 2008 during the financial crisis, after falling from that year's July high of $4.10 a gallon.

Farmers around the country have been forced to dump millions of gallons of milk due to dropping demand during the COVID-19 pandemic.  That has not resulted in lower prices at the grocery store.

As for current price comparisons, the gap for gas is even bigger for some bottled water lovers. A 6 pack of 101.4-ounce jugs of Poland Spring water cost $17.58 on Amazon.com on Wednesday, which makes for a price per gallon of more than $3.75.