CHICAGO (CBS) — It has taken a while, but gas prices are starting to trickle down.
As CBS 2’s Kris Habermehl reports, oil prices are finally trending down to under $100 per barrel – a development that comes as welcome relief for the American motoring public as the Memorial Day holiday looms nearer.READ MORE: Boy, 8, Shot And Wounded In Lawndale
Oil is down 15 percent this month, and gasoline futures are down 14 percent.READ MORE: Business, Restaurant Owners Propose Chicago Give $1,000 Bonuses For Workers To Return To Jobs
Still, as of Tuesday, the average gas prices in the Chicago area were still steep by any standard. The average was $4.39 Tuesday morning, and nationwide, the average price just fell 3 cents last week.
At the BP station at Clark Street and LaSalle Drive – a frequent stop for motorists getting onto Lake Shore Drive – a gallon of regular unleaded was still $4.65 Tuesday morning.MORE NEWS: Small Plane Lands On I-355 At 159th Street In New Lenox; Pilot, 3 Passengers Suffer Injuries
Analysts say we could see a drop of 25 cents per gallon by Memorial Day. Earlier this month, oil analyst Phil Flynn at PFGBEST Research said gas prices could drop to $3.50 after the holiday.