Crude oil prices down

Crude oil prices down

Unemployment insurance.

U.s. crude oil prices are negative for the first time in history.

This news will begin to save you even more money at the gas pump.

News 10's dominic miranda spoke to a local expert today.

He joins us now with more on how these "oil" prices will impact the price of "gasoline".

Pk} dominic miranda dominic.miranda@wthitv.com <mailto:dominic.miranda@wth... om at 5, i told you how crude oil prices got to be below zero.

Oil is coming in and has no place to go.

Quite literally, people are paying producers to take it off their hands.

I spoke with economics professor dr. robert guell of indiana state tuesday.

He told me what this all means for gas prices here in indiana and when he expects this to be resolved.

First guell said right now covid-19'has shut down factories, therefore people are not out driving much and refineries are producing much less.

In response, news10 got a quote from marathon petroleum about the refinery in robinson, illinois.

It read in part: our refining and marketing teams work closely, and we are always prepared to optimize our operations based on market needs.

The energy industry is critical to the nation's infrastructure, and the robinson refinery is maintaining current production capabilities.

As market needs are low at this point, dr. guell told me we will certainly see an impact on gas prices.

Dr. robert guell, professor of economics, indiana state univ.

"we could easily see gas prices at or near a dollar or even below a dollar here in indiana.

Though our relatively high gas taxes would probably make the set point-the lowest point-just above a dollar."

Guell told me this should all resolve itself within 2 months once the economy starts to open back up.

More people will be driving, and the price of oil should stabilize.

In terre haute, i'm dominic miranda.

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