CHICAGO (CBS) — 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.
As WBBM Newsradio’s Regine Schlesinger reports, last summer, when oil prices were falling, gas prices went up.
LISTEN: WBBM Newsradio’s Regine Schlesinger reports
Now, with oil more expensive, energy analyst Phil Flynn of PFGBest in Chicago expects the opposite because of the fall in cost of European imports.
“While our crude is back above $100, the crude that was much higher than that in Europe is actually coming back down,” Flynn said. “So even though we see that crude has gone up, gasoline prices might not go up as much as some people might fear.”
Flynn expects gas prices to remain stable for now. He says the oil price hike is happening because the U.S. economy is showing signs of improvement.
As of Wednesday, the lowest gas price recorded in the Chicago area was $3.37 at the Citgo station at 8755 W. 79th St. in Justice, according to ChicagoGasPrices.com. The highest was $3.99, seen at many gas stations in the city of Chicago, and one in Villa Park.