Gas Prices Starting To Drop At Last

CHICAGO (CBS) — It has taken a while, but gas prices are starting to trickle down.

As CBS 2’s Kris Habermehl reports, oil prices are finally trending down to under $100 per barrel – a development that comes as welcome relief for the American motoring public as the Memorial Day holiday looms nearer.

Oil is down 15 percent this month, and gasoline futures are down 14 percent.

Still, as of Tuesday, the average gas prices in the Chicago area were still steep by any standard. The average was $4.39 Tuesday morning, and nationwide, the average price just fell 3 cents last week.

At the BP station at Clark Street and LaSalle Drive – a frequent stop for motorists getting onto Lake Shore Drive – a gallon of regular unleaded was still $4.65 Tuesday morning.

Analysts say we could see a drop of 25 cents per gallon by Memorial Day. Earlier this month, oil analyst Phil Flynn at PFGBEST Research said gas prices could drop to $3.50 after the holiday.

  • Jim

    Gas stations are quick to pull the trigger when prices go up (I seen a 32 cent increase in 1 day), but are insanely slow when they go down (prices drop 5 cents MAX)!

    • T

      That’s because “they’ve already paid more for the gas in the tanks”. Wait, what about when they jack prices up and they got that gas when prices were lower?

      Usual BS from oil companies and gas station owners.

  • chicagoannie

    Gas prices are NOT coming down in Oswego! (And funny, our stations are very quick to raise the prices, 2-3 times per day on gas that is already in their storage tanks!)

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