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.

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Oil is down 15 percent this month, and gasoline futures are down 14 percent.

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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.

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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.