CHICAGO (CBS) — Gas prices have been steadily declining in Chicago for the past few weeks, reaching the lowest levels seen in years, and one industry expert said the bottom will continue to drop.
While there might be a spike in gas prices here or there, GasBuddy.com petroleum analyst Patrick DeHaan said the trend is for lower prices in the Chicago area thanks in large part to a high inventory of gasoline being pumped out by Great Lakes refineries.
“Looking at the last 11 years, we are now approaching territory that we’ve only spent one or two weeks in back in the recession, so to see prices in Chicago at the pump this low is very rare,” DeHaan said.
Some gas stations in the suburbs have prices as low as $1.45 per gallon, and prices in the city have hit as low as $1.59 a gallon.
“Chicago is looking at an average today of $1.84 a gallon. We could see it sail into the $1.70s, maybe the $1.60s,” DeHaan said.