Drivers Say Declining Gas Prices Still Too High

CHICAGO (CBS) – Gasoline prices continue to drop in Chicago – by 16 cents a gallon in just the past week.

That is according to, 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.

  • Roberta Waker

    $3.70 a gallon is still way too high. We should be paying around $3.20 for a gallon of gas NO MORE. Until the price of gas gets much lower, the public will continue to drive a lot less and use alternative transportation. Maybe it’s time we stuck it to the gas companies by not buying their product. We need to drill in the U.S. in the Bakken Shale. More than enough crude should lower the price of gas and keep it low. If not, tax them to death and take away their billion dollar tax breaks.

  • chicago

    People who think more drilling will lower gas prices need to get a grip on reality. Oil/crude supply is dictated by the oil companies, OPEC, etc. Those entities will not just pump oil or dig up more shale for your benefit. Having more oil production only reduce our dependency on foreign, unstable supply. We need more refining capacity if you want more gasoline supply. The best way to get lower prices is to reduce DEMAND. If one day a week each of us commit to use public transportation, car pool, ride a bike to work, we would save a HUGE amount. This keeps money in your pockets AND lower prices.

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