Money Matters: Gas prices continue to drop in Colorado Springs

For the first time in history, oil prices plunged below zero Monday. U.S. oil to be delivered in May settled at-$37.60 per barrel.

Oil producers are running out of storage space as demand plummets. Producers have actually turned to paying buyers to take crude oil off their hands.

Hundreds of U.S. oil companies are expected to file for bankruptcy by the end of 2021.

The problem isn't going away, no one can say when the demand for oil will recover. Even when the lockdowns end, it will take some time for refineries to get back up to speed.

By Tuesday, the price of oil started to recover back into the positive.

But just because oil prices are negative, don't expect free gas at the pump

Gas station owners are increasing their profit margins by a few extra cents a gallon to make up for the drop in demand, and there are also gas taxes you need to account for.

This is not to say gas prices won't continue to drop. Parts of Wisconsin are seeing prices as low as 89 cents per gallon.

In Colorado Springs, the average cost of gas is $1.71/gallon, which is 97 cents lower than a year ago.

Click here to find the lowest gas price near you and to view gas trends in Southern Colorado.