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Gas Prices Drop Significantly Over Past Month

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CHICAGO (CBS) – If you’re planning to drive somewhere for the Fourth of July holiday, the trip will cost you less.

WBBM Newsradio’s Regine Schlesinger reports gas prices in the Chicago area have started dropping from their highs over the last few months, with the average price at just under $4 per gallon as of Tuesday.

That’s still about 50 cents higher than the national average, but down significantly from a month ago, when prices soared to $4.70 per gallon in Chicago on June 6.

Improving conditions at Midwest refineries have helped drive prices down. The BP refinery in Whiting, Ind., has returned to full production levels, after a $4 billion upgrade and expansion was completed. The work slowed production earlier this year.

AAA Chicago said Chicago area prices are lower than they have been since April, with prices as low as $3.50 or less in some suburbs, but as high as $4.50 per gallon at some city gas stations.

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