Phil Flynn, senior energy analyst at The PRICE Futures Group said it’s the result of a price war being waged between OPEC – especially Saudi Arabia – against American energy producers.
Falling gas prices are great news for motorists and maybe not so good for U.S. companies down the road.
Motorists will continue to enjoy the lower prices at the gas pump.
There were some initial fears the Citgo refinery in Lemont could be shut down completely for six months or more, after a large fire last Wednesday night.
For the first time this year, Chicago area drivers are seeing some relief at the pump, as gas prices have started going down.
After weeks of dour outlooks and record highs, gas prices in greater Chicago have receded – potentially for the rest of the travel season.
The average price of gas continues to jump ever closer to $5 per gallon, with prices up 18 cents per gallon in the last week.
Gas prices have climbed 11 cents over just the past two weeks, and Chicago remains the highest on the list.
Oil prices are spiking after Iran cut off exports to Britain and France and threatened to expand the embargo to other European countries, and that means gas prices are skyrocketing too.
If you’ve filled your gas tank Thursday, you probably noticed a sudden spike in prices.
Oil has been trading above $100 a barrel for the first time since July, but a local expert doesn’t think that will translate into significantly higher prices at the pump.
Gas prices are finally coming down – and quickly. Prices at pumps in Chicago are nearly 10 cents a gallon cheaper than just one week ago.
Gas prices in Chicago are higher than they were a week ago. That stings. CBS 2’s Kristyn Hartman reports.
Just as prices already were falling, governments around the world are making a move to bring down the cost of oil even faster.
Just when we were all starting to feel a little relief, they’re back. High gas prices are making a return, at least in Chicago. CBS 2’s Mai Martinez reports.
Chicago, once again, has the highest gas prices in the nation, and one expert says there’s a simple solution that would lower prices.
Gasoline prices are definitely dropping, but that’s small consolation to motorists who say there is still too much pain at the pump.
A stronger dollar, a weaker euro and a decision by Europe’s Central Bank not to continue raising interest rates will have a very real impact on you at the gas pump.
The crisis in Japan and the ongoing unrest in the Middle East are weighing on the oil market and threatening to further drive up gasoline prices.
Gasoline prices are surging to $4 a gallon because of tensions in the Middle East, and things could get worse, one expert says.