Gasoline futures in New York fell as much as 13 percent to $0.50 a gallon, the lowest level since the current contract started trading in 2005. Source: Bloomberg The previous gasoline contract last traded that low in 2001… Source: Bloomberg All of which means Americans – on average – can expect gas-prices at the pump to plunge below $2/gallon very soon … Source: Bloomberg Energy prices slid toward this multi-decade low on plunging demand due to the economic fallout from the coronavirus crisis, and as prospects for a OPEC-Texas production deal faded. “The government is taking a ‘whatever it takes’ approach,” said Marshall Steeves, an analyst at IHS Markit. “ That doesn’t change the fact that demand destruction is going to continue. There are still so many unknowns on the demand front. The duration of this economic shutdown is so uncertain that it’s making me believe the bottom may […]