Gas Prices Falling, Chicago Still Highest In Nation
To the relief of Chicago drivers, after hitting all time record highs just five weeks ago, local gas prices are finally falling.
The average price for a gallon of regular gas has dropped six cents since Saturday and ten cents in the past week according to gas price tracking website, ChicagoGasPrices.com. In fact, local fuel prices have dropped a full quarter from a month ago when prices were still at record highs.
Yet despite this great news from the gas pump, Chicago gas prices are still the very highest in the United States according to stats from GasBuddy.com and the latest report from the Lundberg Survey which pegs Chicago prices at $4.29 per gallon.
Nationally, gas prices have been dropping as well with GasBuddy.com and AAA’s Fuel Gauge Report both reporting a national average at $3.71 per gallon, with Lundberg reporting a slightly higher $3.74 per gallon.
Lundberg Survey founder Trilby Lundberg told CNN that gas prices are moving lower due to reports of increased output from Saudi Arabia, a dip in demand due to high unemployment and a weak economy and an increase in the nation’s gas supply.
Chicago and much of the Great Lakes region has been experiencing disproportionately high fuel prices in comparison with the rest of the country due to a handful of reasons. Petroleum industry experts have been pointing to hiccups at area refineries over the past few weeks that have slowed local gas output. In addition, the Chicago areas summer blend gasoline meant to reduce vehicle emissions is more expensive than most other gas blends. High taxes and supply interruptions along a major Michigan oil pipeline also contribute to helping make Chicago the nation’s high price champion.