Here’s what could happen…
As you may have already heard, the World Health Organization has just revealed a new COVID-19 variant known as “Omicron” has just been discovered in Africa and it appears to be highly mutated. The WHO is claiming this new variant is a serious danger to the world unlike some of the other variants since it is so contagious.
Now, According to Fox, fears over the new variant has actually driven oil prices down. The current national average for a gallon of gas in $3.39 which is down one cent from last week.
This time last year gas prices were $1.27 per gallon.
Head of petroleum analysis for GasBuddy, Patrick De Haan, said fears of the variant could drive prices down even further. “We saw the fear on Friday when oil plummeted 13%,” De Haan noted.
On the other hand AAA spokesperson Andrew Gross believes it’s still too soon to tell if this Omicron variant will drive oil and gas prices down long term.
“Consumers could be in store for lower prices based on many countries turning back to travel restrictions, limiting oil demand and potentially accelerating the drop in gas prices,” De Haan explained.