CHICAGO (CBS) – Gasoline prices continue to drop in Chicago – by 16 cents a gallon in just the past week.
That is according to Gasbuddy.com, which says the average price of a gallon in Chicago is now $4.29 per gallon.
And even better news: Some analysts are predicting that prices will keep falling, at least through the Memorial Day weekend.
The experts say that the perfect storm that caused gas prices to jump has now passed. Barring natural disasters or major disruptions in the Middle East, they say it should all be downhill from here, as far as gas prices go.
“Our nightmare is over,” says Phil Flynn, senior markets analyst for PFG BEST and a Fox Business Network contributor.
In just the past week, the national average fell 8.8 cents to $3.83 a gallon. Flynn says drivers can expect even more relief.
“Weaker demand and a stronger dollar means a lower price at the pump,” Flynn told CBS 2’s Mai Martinez.
Chicago drivers aren’t feeling the relief, though.
“I’m still filling up two or three times a week, and it’s still breaking my wallet,” driver Tania Giordani says.
Cab driver Atiqur Rahman usually fills up in the suburbs, but that still eats up about 30 percent to 40 percent of the money he makes.
“It’s not really much different you know,” he says.
Analysts predict gas prices in the Chicago area will continue to drop. One was even predicting consumers will be paying $3.70 a gallon.