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.

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