The price of a gallon of gasoline dropped below $3.20 on Tuesday, after a major outage in one of the country’s busiest markets.
The benchmark price of gasoline, which is used in more than 80% of U.S. vehicles, fell below $2.75 a gallon, according to data compiled by Bloomberg.
The market is experiencing a massive drop in demand due to the winter weather.
“There’s a lot of supply and demand, and we don’t have a lot supply, and demand is going down,” said Joe Stearns, a senior analyst at the New York-based research firm Forecast Analytics.
A major outage at the Pennsylvania oil refinery on Monday left nearly 3,000 workers without fuel, and shut down the region’s main refinery for nearly two days.
The outage shut down about a third of the roughly 1,400 jobs in the region.
The outage at Pennsylvania’s oil refinery was the worst in the country during the winter of 2016-2017, according the company that operates it, which has about 3,600 employees.
Stearns said it is likely that the outage will be a major driver of the price of oil this year, with prices already trending downward after last year’s record-setting $70 oil price.
According to data from Reuters, the price dropped below the $3 mark in several counties in Michigan, Indiana and West Virginia on Tuesday.
On Monday, U.C. Berkeley’s Labor Department said the U.N. World Food Program said its humanitarian aid budget for the U-28-based food aid program, which includes the UCPF, fell for the second consecutive month.
The UCPP said the food aid budget fell 5% in 2017 to $3 billion.
The UCPH is not yet providing a breakdown of how many people are losing their jobs.
The agency did not provide a breakdown on how many UCPIs workers were impacted by the outage.
In the meantime, some economists say the market may be going through another market collapse.
Market experts have long predicted that the UBP-UCPF market collapse would happen this year.
For years, oil prices have been falling as global demand for gasoline continues to decrease, but as the cold weather wears off and as prices drop further, analysts say that could lead to another selloff in the energy market.
Read more about energy: Energy sector has the lowest growth rate in 20 years, according data from Bloomberg, while gas and oil producers have seen a dramatic decline in output.
Oil prices have fallen by about 10% in the past year, according a Bloomberg survey of analysts.