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Gas Prices Down, But Still Over $4

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Gas Prices

This was the price of gasoline at a Mobile station in Chicago on March 6. Prices could hit $4.95 in May(Credit: CBS)

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CHICAGO (CBS) — Prices at the pump are down slightly after 27 straight days of increases, but it’s not going to provide much relief.

As CBS 2’s Kris Habermehl reports, the average gas price in Chicago remained $4.03 per gallon Tuesday morning.

Nationwide, the average was $3.40 a month ago, $3.72 a week ago, and $3.51 at this time last year, according to AAA.

The average prices is only about 25 cents, or 8.5 percent, less than the record high of $4.11 back in July 2008.

The lowest price Tuesday morning was in Wyoming, a gallon of regular unleaded was averaging at just $3.23 per gallon.

The rising prices are due to spiking oil prices as a result of increasing tensions with Iran. Gas prices are expected to rise further still.

ChicagoGasPrices.com says he lowest gas price Tuesday morning was $3.74, at the Sam’s Club at 141 W. North Ave. at Railroad Avenue in Northlake, and the Costco at 8400 W. North Ave. in Melrose Park. The highest was $4.43 at the Mobil station at 1106 W. Fullerton Ave. near DePaul University.

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