Category Archives: Chicago gas prices
Chicago drivers are getting a pleasant surprise at the gas pump: gas under $2 per gallon, a price motorists haven’t seen in seven years.
In the last week, the price at the pump has fallen 10 cents a gallon to an average $1.91 per gallon within city limits, according to AAA’s Fuel Gauge Report, a website that tracks gas prices locally and nationally.
AAA said prices have been dropping dramatically for the last 30 days, saving Chicago motorists nearly 45 cents a gallon compared to last month and 65 cents a gallon from a year ago.
While gas stations outside the city have been advertising prices well under the $2 threshold for months, averaging around $1.65 per gallon and as low as $1.35 in some places, it was way back in 2009 when Chicago drivers saw prices at this level.
“The last time we saw prices this low was early January 2009, when the price was right under two bucks,” said AAA Chicago’s Beth Mosher. “People are able to fill up for 40 bucks, which is a heck of a less than they could fill up before.”
But prices have plunged even lower than they did in 2009. Mosher said that seven years ago, the price of gas in the city dipped below $2 only for a few short days before heading up again.
Why do some gas stations charge less if a driver pays cash instead of using a credit card?
Gas Buddy TV’s Patrick DeHaan has the answers and says it can be a good way for drivers to save even more money at the pump.
Gas has crossed $1 at a gas station in Houston. You're welcome America. pic.twitter.com/MYsruVR0rP
— Aziz Gilani (@TexasVC) January 15, 2016
We caught this on Twitter last night.
Gas under $1 a gallon in the U.S.?
Yes sir! In Houston, TX.
With the price of oil plummeting over the past several weeks, it seems gasoline prices are following suit across the country. Crude oil fell to under $30 per barrel on Friday.
With Houston seeing sub-buck prices at the pump, perhaps drivers will see gas stations within the city proper to be selling gas under $2 a gallon soon.
Dropping crude oil prices and abundant supply have pushed gas prices nationwide to their lowest price in seven years compared to last year’s holiday season according to GasBuddy.com.
National average gas price have been hovering around $2 a gallon–the lowest price since 2008 when the Great Recession first reared it’s ugly and evil head.
“It’s beginning to look a lot like Christmas…in 2008!” said Patrick DeHaan, senior petroleum analyst at GasBuddy. “The extra savings and cheer will certainly spread as we close out the year. There has not been a better time in years for motorists to extend their trips and travel farther, as sub-$2 per gallon gas can be found at almost 70% of stations in the country.”
Gas prices have dropped nearly 30 cents a gallon since last week according to two gas price reporting websites.
ChicagoGasPrices.com is showing an average price of $2.97 for a gallon of regular unleaded across the entire Chicago metro area. That compares to $3.25 per gallon just a week ago. AAA’s Fuel Gauge Report, which watches both the greater metro area and the city proper, says city drivers are paying $3.28 per gallon compared to the $3.54 per gallon a week ago–a 26 cents a gallon plunge.
But why is the cost of a gallon of gas in Chicago so much higher than neighboring metropolitan areas?
The http://www.rebootillinois.com/2015/08/19/editors-picks/hilarygowinsyelvington/illinois-gas-tax-adds-more-pain-at-the-pump-for-chicagoans/44135/ at the federal, state, county and city taxes that Chicago drivers pay and it’s pretty brutal.
Based on the recent $3.63 per gallon price, 77 cents of the per gallon price is tax–or 20% of the total gallon cost.
A shocking 40 cents per gallon can be attributed to city and county taxes.
Then, to add insult to injury, Reboot Illinois reports that, unlike most states where gas taxes go into a fund that finances road construction and maintenance, in Illinois gas taxes go directly into the state’s general fund.
Here’s Reboot Illinois’s full story, “ILLINOIS GAS TAX ADDS MORE PAIN AT THE PUMP FOR CHICAGOANS.”
With the price of crude oil dropping in recent weeks, gas prices had been falling suit nationally and in Chicago.
Just this past Monday, news stories touted low prices at the pump not seen in five years. In fact, petroleum analysts were predicting even further, dramatic declines in prices between now and the end of the year perhaps bringing national gas prices below the $2 per gallon mark.
But just two days later gas prices are climbing dramatically in Chicago and the surrounding region because the BP oil refinery in Whiting, IN shutdown due to major equipment failure over the weekend according to Bloomberg News.
In just two days, the price of wholesale gasoline rocketed 82 cents higher. Petroleum analysts are predicting drivers will start seeing higher prices at the pump almost immediately.
What happens the price of gas you’re paying at the pump doesn’t match the advertised price?
Well, according to NBC 5, the gas station can be closed by state inspectors until the discrepancy is corrected. In fact, the advertised price cannot even be off by one cent.
AAA says it’s due to maintenance work at two large oil refineries which supply much of the Chicago’s gasoline.
“Prices in Illinois and northern Indiana have risen sharply over the past few weeks due to maintenance issues that are affecting production at local refineries,” said Beth Mosher, a spokesperson for AAA Chicago.
AAA’s Fuel Gauge Report has gas prices up about 40 cents a gallon since last month, with the average price of regular unleaded coming in at $3.40 a gallon.
Is there any difference between name brand gasoline and generic or unbranded fuels?
GasBuddy’s Patrick DeHaan says…not really.