With the decrease in gas prices due to the COVID-19 pandemic, you may be wondering how they're actually related.

GasBuddy Petroleum Analyst Allison Mac breaks it all down.

Allison Mac"What we're seeing here is Economics 101: Supply and Demand," explains Mac. "The demand for oil has dropped tremendously because of the new Coronavirus. So, when we're looking at countries like China, which is the second country of the largest consumers for oil -- they're right after the United States -- they've basically been on lockdown."

She notes this means one of the two biggest customers for oil is out of commission, is not using oil, is not buying it and doesn't need it. This kind of drop in demand makes prices drop when the supply continues to be made.

Mac explains that diamonds are so expensive because they're rare. On the other hand, anything that overly common is inexpensive, as with gasoline and oil right now. She notes it's in times like these that oil refineries cut down production in order to increase the cost of oil and gas.

"So, if China doesn't need it, then the market is flooded with it," continues Mac. "And then Italy doesn't need it, and probably Germany doesn't need it. There's so much of it, so they're trying to get rid of it and sell it. You could buy it at a very low cost. But the underlying issue is the Coronavirus. What happened this week on Monday was the price war between Saudi Arabia and Russia."

Mac says Monday saw Saudi Arabia appeal to Russia and other OPEC countries to cut back on production but Russia refused. She explains oil is the only commodity they have to offer the world, whereas Russia is very diversified and is able to continue with lower gas prices. With the lack of an agreement, prices were pushed down even further and saw a barrel of oil sell for $32 on Monday morning contrasted with past record highs of $142 a barrel in 2011.